Hello - I also appear to be experiencing the same bug. It really does appear to be a Mac OS bug from my testing.
I've tried to summarize the behavior bellow.
Computer:
Model Name: MacBook Pro
Model Identifier: MacBookPro16,3
Processor Name: Quad-Core Intel Core i5
System Firmware Version: 1554.80.3.0.0 (iBridge: 18.16.14346.0.0,0)
System Version: macOS 11.2.1 (20D74)
Kernel Version: Darwin 20.3.0
Microphone:
Yeti Blue Blackout (https://www.amazon.com/Blue-Yeti-USB-Microphone-Blackout/dp/B00N1YPXW2)
USB Dongle:
https://www.amazon.com/gp/product/B07WPTG7NX/ref=ppx_yo_dt_b_asin_title_o09_s00?ie=UTF8&psc=1
HOW TO REPRODUCE....
- start up macbook pro
- listen to youtube video (sound should be working fine..)
- plug in yeti blue microphone (Doesn't matter if there is headphones plugged into bottom!!)
- all output audio sources are muted!!
- open system preferences > Sound
- attempt to unmute or increase output microphone built-in volume
- you can unmute or increase temporarily, but the mac will then auto mute or decrease the volume!!
Temporary work around!!
Before starting up macbook ensure that your microphone is plugged in.
Restart/power on your macbook (No need to reset NVRAM or PRAM like stated....)
Additional Testing:
If I keep the microphone plugged in on reboot, I am then able to switch between hardwired headphones directly into the yeti blue and my built in speakers! Am able to change the output devices in the System Preferences > Sound
Although... If I for example unplug the microphone and plug it back in, I experience the unwanted behavior of all of my output devices being muted again.
I hope this helps some people around a workaround but would really want apple to look into why their operating system is behaving this way with an external microphone and why it's impacting all output volume devices!