I was checking out different keyloggers for research purposes and stumbled upon Refog:
https://www.refog.com/keylogger/
This program could catch a lot of system
After some digging I found the following folder:
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows Defender\Exclusions\Paths
I cannot add a key there with my user. I get the following error: Cannot create key: You do not have the requisite permissions to create a new key under Paths
However SYSTEM, WinDefend and TrustedInstaller all have Full Control. The best guess is that they have used something like DevxExec devxexec.exe /user:TrustedInstaller cmd
and written the key to the registry.