M1 Macbook Pro with old Thunderbolt monitor acting as USB hub. The USB ports failed after updating to 12.6.
After a lot of cursing and finally remembering I'd just just updated to 12.6, I shut down and restarted. This appear to revive USB. But Finder doesn't report it as a hard disk along with others. Yet the drive shows up when I open the model name. Well, that was over an hour not well spent.
In my case (Dell 40" with thunderbolt/usb hub) it was me tweaking the power management settings earlier and then all usb ports being down after OS update every time mac book went into sleep and woke up.
sudo pmset restoredefaults and restart helped for good.
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