Can I do the same your operations using another object from Blender? If I try using, for example, the monkey, the texture is all black and Bake does nothing. What's special about Gizmoshader?
There's nothing special about the gizmo - it's just a 3D model like any other - and they all can be baked. But the gizmo does has its UV's laid out which is required to see a baked result.