I don't have the same problem, but apparently Apple has again broken some things under the hood related to thunderbolt/USB-C ports, specifically in Monterey 12.2 (and obviously affecting both Intel and M1 macs).
I bet your problem is caused by the same changes.
This is is a sad story for me (and many others), as the TB/USB-C has never worked fully reliably - slightly unstable since the beginning 2016, mostly broken through 2020, mostly ok and only occasionally crashing 2021 (Big Sur 11.1 fixed the worst and Monterey kept up until 12.2) and now clearly 12.2 breaks something again.
Exactly since I installed 12.2, the USB hub in my external monitor (the Apple recommended LG Ultrafine 5k, notabene) completely ceases to work after disconnecting and re-connecting the monitor. I have a very constant daily routine how I connect my MBP13-2020 every day in the morning and disconnect it in the evening. Since 12.2, I have to reboot the machine every day to make the USB connections going through the monitor's hub work again.
Today, I probed a bit further, and instead of rebooting, put the MBP to sleep, disconnected the monitor and re-connected it to the other USB-C ports:
- First the other port on the same side (left) - no improvement.
- Then, first port on the other side (right) - this made USB work again.
- Then, back to the left side - still USB is not working there
- Back to the right side - machine crashes with "intel crash log recorded"
It's just not stable and apparently Apple can't find the root cause, but just keeps applying patches here and there that fix some use cases and ruins others :-(