Unfortunately, the drive needs to be replaced.Good to see you are getting to the installation wizard.
Before trying to install macOS Monterey did you open the Disk Utility tool and format your NVMe drive, APFS + GUID/GPT partition so it is recognised by the installer?
Which NVME drive are you using?
Some NVMe drives don't work in macOS, or can be problematic when they do display in the installer. This is a reasonably common issue on AMD laptops, where the NVMe M.2 drive provided with the laptop has to be replaced before macOS will install.
Western Digital/SanDisk drives tend to work best.
No SSD drive.