I had the same problem after my macOS was upgraded from 11.2.1 to 11.2.3 today. The external Display was working fine before.
Here is my setup, a MacBook Pro 2019 <<--- USB-C ------ DisplayPort--->> a Dell 4K monitor.
Reset PRAM and Reset SMC didn't work for me.
Interestingly, it worked when I tried it with another Dell HD monitor using the same cable. So I was focusing how to better configure the monitor to be compatible with this version of macOS. (Seems to me macOS 11.2.3 has some issue with its DisplayPort support)
Here is how I solved it by following some document on Dell's website. Hope you can find similar docs on how to change DisplayPort version of your monitor.
"If your system only supports DP version 1.1, monitor may get No Video condition. With older video drivers, there is a chance of getting No Video when the monitor MST is set to "Off" or "Primary".
- The following "Hot Keys" will change the MST settings to MST Secondary. You are basically changing the monitor’s Display Port modes from DP 1.2 to 1.1Press any key (excluding power button) to show the following dialogue box "There is no signal coming from your computer"
- Press any key again and the "input source" menu will appear.
- Press the green check mark (√) button for about 8 seconds and the following dialogue box will appear, "Set MST option to secondary"
- Press the green check mark (√) again the DP mode will change from DP 1.2 to DP1.1
- The monitor is now set to MST secondary and Resolution will be 3840x2160 @30hz."
After some power down and up of the monitor, finally the monitor could detect signal and work.
One thing I noticed is, the previous display(in macOS 11.2.1) settings in the macOS > Display settings were all gone. I needed to reconfigure things about font size, etc.