tldr; If you have macbook with Big Sur 11.5.2 or higher you would have issue with usb-c hubs and monitors. Monterey 12.1 beta also have this issue.
I have Philips 346P1CRH and Power Delivery issue is 8 months old for me. I tried couple of things but no luck.
I have M1 MBP(2020), I realize that issue on Big Sur(don't remember version) at march 2021. I thought it is an Apple silicon issue but I see that some intel users have similar things because of the version of MacOS.
I tried my M1 with 4 different USB-C cable and 1 Thunderbolt 3 cable but noting is changed.
I tried my monitor with 2019 15" macbook which have Big Sur 11.5 and it worked as expected.
Then I thought it is about my M1 macbook and got it to the Apple store. With an LG Monitor my M1 is charged with no issue. Everything was okay. So Apple stuff didn't do any thing.
Then I ordered new released 14" macbook pro which comes with Monterey and sadly it has also same issue with my monitor.
Here is my detailed issue: If I unplug and plug the usb-c cable while macbook is open PD is not working. But the other ports on monitor works like usb ports and also ethernet.
Workaround for now: Restart macbook while usb-c cable plugged. (shutdown and open won't work.)
What I tried also: After purchased 14" macbook, I tried to downgrade my old 13" m1 to Big Sur. I searched for installer but officially the oldest version that I found is 11.5.2. But it was not work also. My friend have M1 Macbook Air with Big Sur 11.2.3 and everything is okay with it.
Btw: I tried with Monterey 12.1 Beta but noting fixed :((
I thing we will wait a long time to fix.