Error 812 when installing DPM 2022

Question

I tried to upgrade DPM 2019 UR4 to 2022 on Windows Server 2019 and also a fresh install of DPM 2022 on Windows Server 2022, both with SQL Server 2019 Standard and SSRS 2019 Dev. In both cases, I am constantly getting error 812.

I have tried the usual suggestions for this error, i.e. reboot, update everything, reconfigure SSRS, delete the encryption keys, etc. but just couldn't make it work.

Interesting thing is: on the fresh install, I tried the installation of DPM 2019 instead of 2022 and it worked without any problems. Just 2022 will run into this error.

[11/5/2022 12:33:38 PM] Information : Deploy reports
[11/5/2022 12:33:38 PM] Data : Source folder for reports (.rdl files) = C:\Users\scdpm\AppData\Local\Temp\DPMB65D.tmp\DPM\Setup\DpmReports
[11/5/2022 12:33:38 PM] Data : Path of dll to invoke = C:\Users\scdpm\AppData\Local\Temp\DPMB65D.tmp\DPM\Setup\DlsUILibrary.dll
[11/5/2022 12:35:13 PM] * Exception : => System.Reflection.TargetInvocationException: Exception has been thrown by the target of an invocation. ---> Microsoft.Internal.EnterpriseStorage.Dls.UI.Library.Reporting.ReportingException: exception ---> System.Web.Services.Protocols.SoapException: System.Web.Services.Protocols.SoapException: Error while loading code module: 'ReportSRV10, Version=1.0.523.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35'. Details: Could not load file or assembly 'ReportSRV10, Version=1.0.523.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35' or one of its dependencies. Failed to grant permission to execute. (Exception from HRESULT: 0x80131418)
at Microsoft.ReportingServices.Library.ReportingService2005Impl.CreateReport(String Report, String Parent, Boolean Overwrite, Byte[] Definition, Property[] Properties, Guid batchId, Warning[]& Warnings)
at Microsoft.ReportingServices.WebServer.ReportingService2005.CreateReport(String Report, String Parent, Boolean Overwrite, Byte[] Definition, Property[] Properties, Warning[]& Warnings)
at System.Web.Services.Protocols.SoapHttpClientProtocol.ReadResponse(SoapClientMessage message, WebResponse response, Stream responseStream, Boolean asyncCall)
at System.Web.Services.Protocols.SoapHttpClientProtocol.Invoke(String methodName, Object[] parameters)
at Microsoft.Internal.EnterpriseStorage.Dls.UI.Reporting.ReportingService2005.CreateReport(String Report, String Parent, Boolean Overwrite, Byte[] Definition, Property[] Properties)
at Microsoft.Internal.EnterpriseStorage.Dls.UI.Library.Reporting.Reporter.CreateReport(String pathOfReport, ReportDBInfo rptInfo)
--- End of inner exception stack trace ---
at Microsoft.Internal.EnterpriseStorage.Dls.UI.Library.Reporting.Reporter.CreateReport(String pathOfReport, ReportDBInfo rptInfo)
at Microsoft.Internal.EnterpriseStorage.Dls.UI.Library.Reporting.Reporter.DeployFileInServer(Boolean recreate, ReportDBInfo rptInfo)
at Microsoft.Internal.EnterpriseStorage.Dls.UI.Library.Reporting.Reporter.DeployReports(String sourceFolderPath, Boolean recreate, Boolean calledFromSetup)
--- End of inner exception stack trace ---
at System.RuntimeMethodHandle.InvokeMethod(Object target, Object[] arguments, Signature sig, Boolean constructor)
at System.Reflection.RuntimeMethodInfo.UnsafeInvokeInternal(Object obj, Object[] parameters, Object[] arguments)
at System.Reflection.RuntimeMethodInfo.Invoke(Object obj, BindingFlags invokeAttr, Binder binder, Object[] parameters, CultureInfo culture)
at System.RuntimeType.InvokeMember(String name, BindingFlags bindingFlags, Binder binder, Object target, Object[] providedArgs, ParameterModifier[] modifiers, CultureInfo culture, String[] namedParams)
at Microsoft.Internal.EnterpriseStorage.Dls.Setup.Wizard.ReportingConfiguration.DeployReports(Boolean isRemoteReporting, String sqlMachineName, String sqlInstanceName, String rsMachineName, String rsInstanceName, String installerPath)