I have found that when I connect my new M1 Mac mini (running 11.1) to a Dell U2421HE monitor via the USB-C cable on boot up the monitor connects, then goes into power saving mode, and then comes back. At this time the monitor works fine but the USB hub which is contained within the monitor is dead. If I then un-plug and then re-plug the USB-C cable the USB hub works as expected until the next reboot. I believe user Meiejacob had exactly the same issue with an LG monitor. I have talked to both Dell and Apple and of course they both point fingers at each other. Since this has been observed on two different monitors, perhaps it is an Apple issue and will be corrected in a future update. I suspect that other may be having similar issues