This was my comment. I spent far too much time on the phone with Apple Support trying to resolve this only to be told ‘mail it in’.
“This bricked my 2019 MBP. Not providing power to devices either. Needs an SMC reset but won’t accept it,” posted a third. “Be afraid, be very afraid. Timing couldn’t be more brutal.”
After much research I realized it wasn’t the SMC that needed resetting it was the firmware on the T2 chip. The following link worked for me to get the T2 firmware updated and then I was able to let the 34 hour wireless restore from time machine backup complete and I’m back in business!