I have also been struggling with this issue for more than 1 month!
I have a Xiaomi Mi 34 monitor at home which used to work great before upgrading to macOS Monterey. Now with the 12.1 version the screen connects, I'm able to adjust the settings from the mac display setting, BUT the display is still black...
I have changed the display rate, adjusted resolution, tried a bunch of things like restarted mac completely (with and without the display connected), but still no difference.
This is quite frustrating to be honest and it pretty bad that Apple haven't released any explanation on this issue.
At work, I have a Samsung widescreen and that works perfectly without any issues. I even use the same cable, both at home and work. It's just the monitor at home that causes this issue.
The cable I'm using is a USB-C to Displayport, which supports Ultra HD 4K resolution. And like said earlier, this worked without any issues before upgrading to macOS Monterey!