I am having the same issue. Have gone through the recommended steps, including rebuilding the macOS metadata and no luck. The File Search troubleshooting shows all green checkmarks - before I did any troubleshooting and after everything was rebuilt. Focusing on one test file (an Excel .xslx file within home directory structure) The file in question showed up in spotlight without issue and continues to do so. This is all on a new 2021 MBP (M1 Max) that brought over another system's data (2019 MBP) via migration assistant. On that prior/source system, both before AND after upgrade to Monterey (up to current 12.0.1), that .xlsx file comes up on file search in Alfred with no issue. Both systems using 4.6 [1266]. On new MBP it appears that it will return folders under the ~/ structure, but otherwise no files. It will return files elsewhere (under /Applications/*, /System/*, etc.). Settings are the same between systems, including Home Folder: ~ (Unix Standard). Nothing weird in Spotlight settings under Privacy - all default system settings. Hopefully these details help trace this issue, however I am baffled by the different results between the 2021 and 2019 MBPs with essentially the same settings/data/etc. Is this an Apple Silicon issue, somehow?