Hey guys,
So I think I figured out what it is. And now that I think about it, I've had this same exact issue happen to me with past updates. After updating to Monterey, I believe my dongle/adapter connecting my monitor to the iMac phased out. Apple does this on purpose - so that you can go buy their adapters. Well low & behold, I went out to best buy and purchased an Apple brand USB-C Digital AV Multiport Adapter where it goes from HDMI in to USB-C out, and this fixed the problem. Not 100% sure it will fix the issue for you all, but it's worth a try. If it doesn't work, simply return it. I am aware that this is a pricey adapter, but this has happened to me in the past with Catalina where they phased out a ton of 3rd party USB docs/adapters. Looks like they did it again.
Nonetheless - this still doesn't solve the known Spotlight search issues on Monterey. The entire OS is bugged, and I restored my Time Machine backup to Big Sur. Seems like these OS updates are getting worse and worse, more problems every year.