I don't see an Underscan slider in the Display Preferences panel in Monterey for my display, but I do see an Underscan slider in the SwitchResX menu.
Install SwitchResX, select "Display overscan/underscan" in the Menus options for the Menubar Extra (make sure the Menubar Extra is active).
Then for displays that support it, the SwitchResX menu will have an Underscan slider.