Same problem here on M1 Macbook Air 2020. I have a perfectly good Greencell AK50 USB Hub which was working on Big Sur, Is working flawlessly with other devices and does not work at all after Monterey update. This is a huge issue as this computer is used for work, and there is no option to connect a mouse, keyboard, pendrive, SD Card or HDMI cable. I will not accept a solution of "go buy a new USB Hub". The software basically broke the functionality which was already there... I would expect USB to work in a 1000$ laptop... Apple, please fix.