Is it connected directly to the laptop?
Does this drive use a USB-A cable & connector to connect to the Mac?
Are you using any USB adapters or hubs to connect it to the laptop? If so, maybe the adapter is not compatible (or the cable).
Does this drive require extra power to operate? Some drives may ship with a dual USB cable to allow connecting it two ports on the computer to receive extra power. You can try using a powered USB3 hub to supply extra power, but make sure it is a good reliable brand.
Try using another port on the laptop especially on the other side of the laptop.
There have been reports that macOS 12.x Monterey has some compatibility issues with some external devices. Make sure macOS is completely up to date since macOS 12.1 did fix some of those issues.
There have also been reports of M1 Macs not being compatible with some peripherals regardless of the OS being used. I have personally experienced this myself where a device failed to work on my M1 Mac running Big Sur, while the device worked perfectly fine on a USB-C Intel Mac also running Big Sur.
Sometimes some third party drivers interfere with other external devices. Wacom tablets are one such example. Some users have reported disconnecting a Wacom tablet and connecting the other device will allow the other device to work. Reconnecting the Wacom tablet, then allows both the Wacom tablet and the other device to both work. So try disconnecting all other external devices in case one of them is interfering. Also try booting into Safe Mode which will disable third party drivers which may be interfering.