macOS Monterey is missing the generator needed to do this. It used to be in `/System/Library/Quicklook` as `EPS.qlgenerator`. Sadly, you can't just copy it over from an existing Catalina installation (I don't have a BigSur handy to try that), as that keeps crashing. Btw. you'd have to put it into `~/Library/Quicklook` as `/System` is not writeable anymore.
I can only assume that Apple had some issues with the generator and thus removed it.