The 2022 version has a completely new underlying color system. In the past, Premiere was expecting and built around working with SDR Rec.709 media. No longer.
So what you have there is a clip that was either shot in HLG color space in the camera, or perhaps is a log-encoded clip that Premiere is assuming is meant to be in HLG due to it being shot in log. And even if you use Lumetri to make the clip look 'normal' on a Rec.709 sequence, Premiere will still export the clip using HLG data and dynamic range for that clip.
Hence, what you're seeing there.
Either way, whether it's an HLG or just log-encoded (and mis-intrepreted) clip, you need to select the clip or clips in the Project panel, right-click, Modify/Interpret Footage, and set the Override value to Rec.709.
What is the media, as in made by what camera or device, and what color space is it?