So after weeks of not being able to access my sample library and music files on my external drive post-Monterey update, I was feeling very discouraged, especially after searching this forum and the web to no avail for a solution to the indexing and spotlight issue with the current OS. Today I am pleased to say I have found a solution that works and I am currently watching the light on my Glyph studio raid flicker as Spotlight scours the files on said HD.
First, go into Finder and press Shift+ Command + . (yes that is a period)
This will allow you to see the hidden files on your external drive
Search for a file named like the one below
.metadata_never_index_unless_rootfs
delete the file in Finder, then eject the drive. Then re-mount the drive and run this in Terminal:
sudo mdutil -a -i on
Once that is done your external drive should begin indexing and you should be able to use spotlight to locate files on your ext HD.