diff --git a/PyInstaller/hooks/hook-setuptools.py b/PyInstaller/hooks/hook-setuptools.py
index 55cc7c3ccf..21365dda1e 100644
--- a/PyInstaller/hooks/hook-setuptools.py
+++ b/PyInstaller/hooks/hook-setuptools.py
@@ -25,7 +25,13 @@
 # setuptools >= 39.0.0 is "vendoring" its own direct dependencies from "_vendor" to "extern". This also requires
 # 'pre_safe_import_module/hook-setuptools.extern.six.moves.py' to make the moves defined in 'setuptools._vendor.six'
 # importable under 'setuptools.extern.six'.
-hiddenimports.extend(collect_submodules('setuptools._vendor'))
+_excluded_submodules = (
+    # Prevent recursing into setuptools._vendor.pyparsing.diagram, which typically fails to be imported due to
+    # missing dependencies (railroad, pyparsing (?), jinja2) and generates a warning... As the module is usually
+    # unimportable, it is likely not to be used by setuptools.
+    'setuptools._vendor.pyparsing.diagram',
+)
+hiddenimports.extend(collect_submodules('setuptools._vendor', filter=lambda name: name not in _excluded_submodules))
 
 # As of setuptools >= 60.0, we need to collect the vendored version of distutils via hiddenimports. The corresponding
 # pyi_rth_setuptools runtime hook ensures that the _distutils_hack is installed at the program startup, which allows