Just got accepted today for my Day One application.
Wonder if it was merit-based, supply-based, an error, or a combination of the three...
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In most basic ./configure scripts, you could try adding CFLAGS to build for both architectures simultaneously:
CFLAGS="-arch x86_64 -arch arm64"
or, if you (need/want to) build for both architectures independently, you can afterwards use the lipo command-line tool to combine both binaries into a single Universal Binary.
The Port Your Mac App to Apple Silicon WWDC session goes over more build scenarios:
https://developer.apple.com/wwdc20/10214
When it comes to App Store distribution, Apple generally does not allow apps built on a new SDK (like Big Sur, macOS 11) to be submitted to the App Store until a few days before general release.
Since you can't build Apple Silicon apps on an older SDK, this seems to apply.
An email or other communication usually goes out to developers when the gates have been opened for submissions.
As for self-distribution, Xcode 12 for macOS Universal Apps Beta is not covered by the same super-restrictive NDA as the Transition Kit itself, so building and low-key distributing to developers with that is less of an issue (though you can't quite TEST what gets built...)
I'm not a lawyer, so take this all as non-binding feedback :)