I am on a MacBook Pro M1 and on this machine I have this trouble too. I tried all the solutions that are mentioned here and translated them to my M1. Because on this computer things work different, like resetting the smc is done automatically after shutdown and closing the lid of the computer for about 30 seconds.
But it does just not help. I also did a complete new installation after resetting the password in the terminal right after startup in the recovery mode. (holding down the power key while turning on the laptop brings your there on the M1). But that also did not help.
However.....
Immediately after installing Big Sur, it asks you to set it up. And I was in my obeying mode just doing that. Setting up Apple pay and the whole bunch. And everything worked fine. But then...... After restoring my account with TimeMachine to the freshly installed new system, all the problems came back! And Apple Pay said that it could not be activated because I changed the security settings of my system.
So I think that these problems that many have, find their origin in some security setting that has been introduced by Big Sur. On my M1 I did not change the security setting that you can change during (or before) installation. It was set, and I kept it there, at the highest security level. But that is somehow what is going on with all those mac's that won't no longer work after the update.
What I now want to try is do the whole installation again and quit the set-up immediately after the installation. And first restore my account before setting up touch-id and iCloud etc.
But I will do that only when I am in my 'recovery-mode-mood'. When that has set in and I know the result, I will post it here.