However, if an object’s inertia were observed to increase under certain conditions, could this be interpreted as evidence of absolute motion?
Kind of. When we write our physical laws, we typically do so in the form of a Lagrangian. For electromagnetism, for example, we would write $$\mathcal{L}=-\frac{1}{4\mu_0} F^{\alpha\beta}F_{\alpha\beta}-A_{\alpha} J_{free}^{\alpha} + \frac{1}{2} F_{\alpha\beta} M^{\alpha \beta}$$
It can be shown that this Lagrangian leads to an action which is symmetric under time translations, spatial translations, spatial rotations, and boosts. Per Noether's theorem, this leads to conservation of energy, conservation of momentum, conservation of angular momentum, and conservation of the velocity of the center of mass-energy respectively.
So, if we were to find an experiment in which momentum is fundamentally not conserved, then that would indicate that the laws of physics do not have spatial translation invariance. If we were to find an experiment in which the velocity of the center of mass-energy is not conserved, then that would indicate that the laws of physics do not have invariance under boosts. I would consider either of those results to be evidence of absolute motion.
Any experiment that checks for the conservation of momentum or the conservation of the velocity of the center of mass-energy would qualify as an experiment that tests for this. Thus far, all such experiments have been consistent with the principle of relativity.
Are there any theoretical models or experimental setups that explore a possible link between inertia and absolute motion?
Yes, there are many.
There is the parameterized post Newtonian formalism for gravity, the standard model extension (SME) for particle physics, and the Robertson Mansouri Sexl framework for special relativity.
In particular, the SME is especially useful because it captures all possible Lorentz violations to the entire standard model. There is a rich and evolving literature using the SME to test for ever more subtle Lorentz violations.
It is precisely because we have such theories that we can experimentally test the idea that there is no absolute motion. It is because we have such theories that we can analyze and design experiments searching for Lorentz violations.