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’.
Nasty macOS flaw is bricking MacBooks: Don’t install this update | Tom’s Guide:
“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!