I had (past tense!) the same problems described by others here, on my brand new Mac Mini M2 Pro which I installed as a clean brand new machine, not transferring anything from my other Macs or backups. The WiFi reception was extremely bad. I tested it with three different routers and all sorts of combinations of settings, standards and channels. I live in an area with a lot of WiFi networks and my brand new Mac could at the best of times see only 4 of them, not even all of my own. At the same time my old Mac Mini (late 2012) as well as my iPad, iPhone, Apple TV, three Windows PCs, heck even the dishwasher! could see the whole jungle without problems. On my Gigabit internet connection I scarcely reached 10 Mbps downloads on the only connection that the Mac Mini was able to establish (2.4 GHz band on one of the routers). I have read carefully though this thread and quite a few others, tried all that was suggested there plus a lot of other different approaches (I am somewhat of a networking expert), all to no avail.
At the same time, probably because of the WiFi malfunction, I could not see my iPad and iPhone in the Finder without connecting them with cable, nor could I benefit from the Continuity function on the iPhone to use it as camera/mic in FaceTime.
Then, after the nth reboot of the new Mac suddenly all fell into place and started functioning as expected, without me having changed any of the default settings. I can still not see all the many neighboring networks that I do see on other machines, but at least I can see all of mine and I have a decent WiFi connection speed.
So, maybe it's like in so many Hollywood comedies - turn it off and on again (many times) :-)