Assuming that the only thing that was changed was the BIOS on the Host . . . then . . .

i. does the host have a TPM ?

ii. If so, then suggest verifying that within the BIOS, it's enabled.

iii. Confirm that it is available and working within Host [Win 11] Device Manager under Security devices - Trusted Platform Module 2.0

iv. would also suggest that you review the associated documentation for the 'BIOS' update, to confirm prerequisites and whether it included an TPM update.

v. When you say "default options were selected when setup" please expand.