First, there was no reporting issue. The data was written. The reporting was correct. The "Apple source" lied.
If it was a reporting issue in Smartctl what would there be for Apple to "fix" with an OS update? That would be for Smartctl to fix their reporting.
Second, it wasn't a handful of people. It affected every single M1 Mac I have seen. Sure, lots of people think they weren't affected, and they post a screenshot of smartctl saying "Look I'm still at 0%", while ignoring the 20TB that's been written to their ssd in the 3 months since they bought it, which is what you might expect from a 5 year old Intel Mac.
Third, 11.4 didn't fix it. It reduced it, by about half, but didn't fix it.