I just bought my MacBook Air M1 chip a couple weeks ago and have the same problem, don't know if it was a coincidence but the problem popped out when I updated to Big Sur 11.2.3. It works again when I restarted my com but the problem keeps recurring and it's quite odd that I have to restart my com every time I want to use it.
Edit: so I saw a comment on another website saying that switching off the wifi and switching it back on helps. Tried to do that and my spotlight is working again.
mia1511
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