OP: the time line of events within the Church that led to the acceptance of the title "theotokos" at the Council of Ephesus (A.D. 431) and how the veneration of Mary developed thereafter.
Veneration (Latin: veneratio; Greek: τιμάω timáō),[a] or veneration of saints, is the act of honoring a saint, a person who has been identified as having a high degree of sanctity or holiness.
A benign form of veneration actually began very early in Christian history.
Justin Martyr Dialogue with Trypho Chapter C
that He became man by the Virgin, in order that the disobedience which proceeded from the serpent might receive its destruction in the same manner in which it derived its origin. For Eve, who was a virgin and undefiled, having conceived the word of the serpent, brought forth disobedience and death. But the Virgin Mary received faith and joy, when the angel Gabriel announced the good tidings to her that the Spirit of the Lord would come upon her, and the power of the Highest would overshadow her: wherefore also the Holy Thing begotten of her is the Son of God;2333 and she replied, ‘Be it unto me according to thy word.’ ”
Irenaeus in Against Heresies Book V Chapter XIX argued this way.
For just as the former [Eve] was led astray by the word of an angel, so that she fled from God when she had transgressed His word; so did the latter [Mary], by an angelic communication, receive the glad tidings that she should sustain (portaret) God, being obedient to His word. And if the former did disobey God, yet the latter was persuaded to be obedient to God, in order that the Virgin Mary might become the patroness4617 (advocata) of the virgin Eve. And thus, as the human race fell into bondage to death by means of a virgin, so is it rescued by a virgin; virginal disobedience having been balanced in the opposite scale by virginal obedience.
Note the early idea that Mary would "sustain" or "bear" or "birth" God.
Tertulian continues the comparison between Eve and Mary On the Flesh of Christ Chapter XVII
For it was while Eve was yet a virgin, that the ensnaring word had crept into her ear which was to build the edifice of death. Into a virgin’s soul, in like manner, must be introduced that Word of God which was to raise the fabric of life; so that what had been reduced to ruin by this sex, might by the selfsame sex be recovered to salvation. As Eve had believed the serpent, so Mary believed the angel.7185 The delinquency which the one occasioned by believing, the other by believing effaced. But (it will be said) Eve did not at the devil’s word conceive in her womb. Well, she at all events conceived; for the devil’s word afterwards became as seed to her that she should conceive as an outcast, and bring forth in sorrow. Indeed she gave birth to a fratricidal devil; whilst Mary, on the contrary, bare one who was one day to secure salvation to Israel, His own brother after the flesh, and the murderer of Himself. God therefore sent down into the virgin’s womb His Word, as the good Brother, who should blot out the memory of the evil brother. Hence it was necessary that Christ should come forth for the salvation of man, in that condition of flesh into which man had entered ever since his condemnation.
So, the veneration in a benign sense began very early. That it may be taken to what some may consider as extremes is fairly well known.
The term "theotokos" arose out of the milieu about the nature of Christ. 100% man 100% God. How did it work? In that link, you'll notice the same idea of God-bearer, hinting back to Irenaeus as he argued against the "phantom body" made of star dust idea of Christ. Same with Tertulian who argued for the normal birth of Christ. God bearer.
As to the Council of Ephesus, the argument was between Nestorius who divided Christ into two and Cyril of Alexandria who maintained Christ was one. This history helps clarify the issue.
As Cyril of Alexandria puts it:
The holy and great Synod therefore says, that the only begotten Son, born according to nature of God the Father, very God of very God, Light of Light, by whom the Father made all things, came down, and was incarnate, and was made man, suffered, and rose again the third day, and ascended into heaven. These words and these decrees we ought to follow, considering what is meant by the Word of God being incarnate and made man. For we do not say that the nature of the Word was changed and became flesh, or that it was 198 converted into a whole man consisting of soul and body; but rather that the Word having personally united to himself flesh animated by a rational soul, did in an ineffable and inconceivable manner become man, and was called the Son of Man, not merely as willing or being pleased to be so called, neither on account of taking to himself a person, but because the two natures being brought together in a true union, there is of both one Christ and one Son; for the difference of the natures is not taken away by the union, but rather the divinity and the humanity make perfect for us the one Lord Jesus Christ by their ineffable and inexpressible union.
From this, the veneration of the Mother of God developed further.
Hope that helps.
EDIT TO ADD:
We've seen the early idea of veneration and examples applied to Mary. As mentioned in the comments, the stepping stones to near worship of Mary had begun. Was it in Scripture? Not really, though some believe so without even needing to do so, given the idea that their Tradition is equivalent to Scripture. I digress.
Let's expand the idea of veneration from "simple honoring" to "dulia", "hyperdulia", and "latria".
(Greek doulia; Latin servitus), a theological term signifying the honour paid to the saints, while latria means worship given to God alone, and hyperdulia the veneration offered to the Blessed Virgin Mary. St. Augustine (City of God X.2) distinguishes two kinds of servitus: "one which is due to men . . . which in Greek is called dulia; the other, latria, which is the service pertaining to the worship of God". IBID
Mentioned earlier is this link to the Veneration of Mary and what it has come to mean. What came after those early stepping stones?
Here's Augustine pronouncing the ever-virgin motif.
not such a nature as is conceived between the two sexes through carnal lust, which is born in sin, and whose guilt is washed away in regeneration; but such as it behoved a virgin to bring forth, when the mother’s faith, not her lust, was the condition of conception. And if her virginity had been marred even in bringing Him forth, He would not have been born of a virgin; and it would be false (which God forbid) that He was born of the Virgin Mary, as is believed and declared by the whole Church, which, in imitation of His mother, daily brings forth members of His body, and yet remains a virgin.
Additional themes were also developed, though perhaps less clearly.