I can reproduce this with:

qemu-kvm-6.1.0-5.el9.x86_64
libvirt-libs-7.8.0-1.el9.x86_64
kernel-5.14.0-7.el9.x86_64

I will try downgrading individual components to find out what
component causes the regression.

Bug is present in (upgraded) qemu-kvm-6.1.0-6.el9.x86_64

Bug is present in (downgraded)
qemu-kvm-6.1.0-4.el9.x86_64
qemu-kvm-6.1.0-3.el9.x86_64
qemu-kvm-6.1.0-1.el9.x86_64

Bug is NOT present in RHEL 9 Beta package
qemu-kvm-6.0.0-13.el9_b.5.x86_64

*** Bug 2027853 has been marked as a duplicate of this bug. ***

QE bot(pre verify): Set 'Verified:Tested,SanityOnly' as gating/tier1 test pass.

Verified with packages:
libguestfs-1.46.1-1.el9.x86_64
qemu-kvm-6.2.0-1.el9.x86_64


Steps:

1. On rhel9 host
# LIBGUESTFS_BACKEND_SETTINGS=force_tcg libguestfs-test-tool
LIBGUESTFS_BACKEND_SETTINGS=force_tcg
PATH=/root/.local/bin:/root/bin:/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin
XDG_RUNTIME_DIR=/run/user/0
SELinux: Enforcing
guestfs_get_append: (null)
guestfs_get_autosync: 1
guestfs_get_backend: libvirt
guestfs_get_backend_settings: [force_tcg]
guestfs_get_cachedir: /var/tmp
guestfs_get_hv: /usr/libexec/qemu-kvm
guestfs_get_memsize: 1280
guestfs_get_network: 0
guestfs_get_path: /usr/lib64/guestfs
guestfs_get_pgroup: 0
guestfs_get_program: libguestfs-test-tool
guestfs_get_recovery_proc: 1
guestfs_get_smp: 1
guestfs_get_sockdir: /tmp
guestfs_get_tmpdir: /tmp
guestfs_get_trace: 0
guestfs_get_verbose: 1
host_cpu: x86_64
Launching appliance, timeout set to 600 seconds.
libguestfs: launch: program=libguestfs-test-tool
libguestfs: launch: version=1.46.1rhel=9,release=1.el9,libvirt
libguestfs: launch: backend registered: direct
libguestfs: launch: backend registered: libvirt
libguestfs: launch: backend registered: uml
libguestfs: launch: backend registered: unix
libguestfs: launch: backend=libvirt
libguestfs: launch: tmpdir=/tmp/libguestfswCImsd
libguestfs: launch: umask=0022
libguestfs: launch: euid=0
libguestfs: libvirt version = 7010000 (7.10.0)
libguestfs: guest random name = guestfs-b2ogqa1xk3iyiqn8
libguestfs: connect to libvirt
libguestfs: opening libvirt handle: URI = qemu:///system, auth = default+wrapper, flags = 0
libguestfs: successfully opened libvirt handle: conn = 0x5632e6f29030
libguestfs: qemu version (reported by libvirt) = 6002000 (6.2.0)
libguestfs: get libvirt capabilities
libguestfs: parsing capabilities XML
libguestfs: parsing domcapabilities XML
libguestfs: build appliance
libguestfs: begin building supermin appliance
libguestfs: run supermin
libguestfs: command: run: /usr/bin/supermin
libguestfs: command: run: \ --build
libguestfs: command: run: \ --verbose
libguestfs: command: run: \ --if-newer
libguestfs: command: run: \ --lock /var/tmp/.guestfs-0/lock
libguestfs: command: run: \ --copy-kernel
libguestfs: command: run: \ -f ext2
libguestfs: command: run: \ --host-cpu x86_64
libguestfs: command: run: \ /usr/lib64/guestfs/supermin.d
libguestfs: command: run: \ -o /var/tmp/.guestfs-0/appliance.d
supermin: version: 5.2.1
supermin: rpm: detected RPM version 4.16
supermin: rpm: detected RPM architecture x86_64
supermin: package handler: fedora/rpm
supermin: acquiring lock on /var/tmp/.guestfs-0/lock
supermin: build: /usr/lib64/guestfs/supermin.d
supermin: reading the supermin appliance
supermin: build: visiting /usr/lib64/guestfs/supermin.d/base.tar.gz type gzip base image (tar)
supermin: build: visiting /usr/lib64/guestfs/supermin.d/daemon.tar.gz type gzip base image (tar)
supermin: build: visiting /usr/lib64/guestfs/supermin.d/excludefiles type uncompressed excludefiles
supermin: build: visiting /usr/lib64/guestfs/supermin.d/hostfiles type uncompressed hostfiles
supermin: build: visiting /usr/lib64/guestfs/supermin.d/init.tar.gz type gzip base image (tar)
supermin: build: visiting /usr/lib64/guestfs/supermin.d/packages type uncompressed packages
supermin: build: visiting /usr/lib64/guestfs/supermin.d/udev-rules.tar.gz type gzip base image (tar)
supermin: build: visiting /usr/lib64/guestfs/supermin.d/zz-packages-rescue type uncompressed packages
supermin: build: visiting /usr/lib64/guestfs/supermin.d/zz-packages-xfs type uncompressed packages
supermin: build: visiting /usr/lib64/guestfs/supermin.d/zz-winsupport.tar.gz type gzip base image (tar)
supermin: mapping package names to installed packages
supermin: resolving full list of package dependencies
supermin: build: 188 packages, including dependencies
supermin: build: 34961 files
supermin: build: 8120 files, after matching excludefiles
supermin: build: 8135 files, after adding hostfiles
supermin: build: 8123 files, after removing unreadable files
supermin: build: 8149 files, after munging
supermin: kernel: looking for kernel using environment variables ...
supermin: kernel: looking for kernels in /lib/modules/*/vmlinuz ...
supermin: kernel: picked vmlinuz /lib/modules/5.14.0-35.el9.x86_64/vmlinuz
supermin: kernel: kernel_version 5.14.0-35.el9.x86_64
supermin: kernel: modpath /lib/modules/5.14.0-35.el9.x86_64
supermin: ext2: creating empty ext2 filesystem '/var/tmp/.guestfs-0/appliance.d.rw0u91f5/root'
supermin: ext2: populating from base image
supermin: ext2: copying files from host filesystem
supermin: ext2: copying kernel modules
supermin: ext2: creating minimal initrd '/var/tmp/.guestfs-0/appliance.d.rw0u91f5/initrd'
supermin: ext2: wrote 37 modules to minimal initrd
supermin: renaming /var/tmp/.guestfs-0/appliance.d.rw0u91f5 to /var/tmp/.guestfs-0/appliance.d
libguestfs: finished building supermin appliance
libguestfs: command: run: qemu-img --help | grep -sqE -- '\binfo\b.*-U\b'
libguestfs: command: run: qemu-img
libguestfs: command: run: \ info
libguestfs: command: run: \ -U
libguestfs: command: run: \ --output json
libguestfs: command: run: \ /var/tmp/.guestfs-0/appliance.d/root
libguestfs: parse_json: qemu-img info JSON output:\n{\n    "virtual-size": 4294967296,\n    "filename": "/var/tmp/.guestfs-0/appliance.d/root",\n    "format": "raw",\n    "actual-size": 301285376,\n    "dirty-flag": false\n}\n\n
libguestfs: command: run: qemu-img
libguestfs: command: run: \ create
libguestfs: command: run: \ -f qcow2
libguestfs: command: run: \ -o backing_file=/var/tmp/.guestfs-0/appliance.d/root,backing_fmt=raw
libguestfs: command: run: \ /tmp/libguestfswCImsd/overlay2.qcow2
Formatting '/tmp/libguestfswCImsd/overlay2.qcow2', fmt=qcow2 cluster_size=65536 extended_l2=off compression_type=zlib size=4294967296 backing_file=/var/tmp/.guestfs-0/appliance.d/root backing_fmt=raw lazy_refcounts=off refcount_bits=16
libguestfs: create libvirt XML
libguestfs: command: run: dmesg | grep -Eoh 'lpj=[[:digit:]]+'
libguestfs: read_lpj_from_dmesg: external command exited with error status 1
libguestfs: read_lpj_from_files: no boot messages files are readable
libguestfs: libvirt XML:\n<?xml version="1.0"?>\n<domain type="qemu" xmlns:qemu="http://libvirt.org/schemas/domain/qemu/1.0">\n  <name>guestfs-b2ogqa1xk3iyiqn8</name>\n  <memory unit="MiB">1280</memory>\n  <currentMemory unit="MiB">1280</currentMemory>\n  <cpu mode="maximum"/>\n  <vcpu>1</vcpu>\n  <clock offset="utc">\n    <timer name="rtc" tickpolicy="catchup"/>\n    <timer name="pit" tickpolicy="delay"/>\n    <timer name="hpet" present="no"/>\n  </clock>\n  <os>\n    <type>hvm</type>\n    <kernel>/var/tmp/.guestfs-0/appliance.d/kernel</kernel>\n    <initrd>/var/tmp/.guestfs-0/appliance.d/initrd</initrd>\n    <cmdline>panic=1 console=ttyS0 edd=off udevtimeout=6000 udev.event-timeout=6000 no_timer_check printk.time=1 cgroup_disable=memory usbcore.nousb cryptomgr.notests tsc=reliable 8250.nr_uarts=1 root=UUID=4e3ae769-86a6-41e6-9dd4-c5e010236463 selinux=0 guestfs_verbose=1 TERM=xterm-256color</cmdline>\n    <bios useserial="yes"/>\n  </os>\n  <on_reboot>destroy</on_reboot>\n  <devices>\n    <rng model="virtio">\n      <backend model="random">/dev/urandom</backend>\n    </rng>\n    <controller type="scsi" index="0" model="virtio-scsi"/>\n    <disk device="disk" type="file">\n      <source file="/tmp/libguestfswCImsd/scratch1.img"/>\n      <target dev="sda" bus="scsi"/>\n      <driver name="qemu" type="raw" cache="unsafe"/>\n      <address type="drive" controller="0" bus="0" target="0" unit="0"/>\n    </disk>\n    <disk type="file" device="disk">\n      <source file="/tmp/libguestfswCImsd/overlay2.qcow2"/>\n      <target dev="sdb" bus="scsi"/>\n      <driver name="qemu" type="qcow2" cache="unsafe"/>\n      <address type="drive" controller="0" bus="0" target="1" unit="0"/>\n    </disk>\n    <serial type="unix">\n      <source mode="connect" path="/tmp/libguestfsf2vJ1s/console.sock"/>\n      <target port="0"/>\n    </serial>\n    <channel type="unix">\n      <source mode="connect" path="/tmp/libguestfsf2vJ1s/guestfsd.sock"/>\n      <target type="virtio" name="org.libguestfs.channel.0"/>\n    </channel>\n    <controller type="usb" model="none"/>\n    <memballoon model="none"/>\n  </devices>\n  <qemu:commandline>\n    <qemu:env name="TMPDIR" value="/var/tmp"/>\n  </qemu:commandline>\n</domain>\n
libguestfs: command: run: ls
libguestfs: command: run: \ -a
libguestfs: command: run: \ -l
libguestfs: command: run: \ -R
libguestfs: command: run: \ -Z /var/tmp/.guestfs-0
libguestfs: /var/tmp/.guestfs-0:
libguestfs: total 4
libguestfs: drwxr-xr-x. 3 root root unconfined_u:object_r:user_tmp_t:s0   37 Dec 23 01:09 .
libguestfs: drwxrwxrwt. 8 root root system_u:object_r:tmp_t:s0          4096 Dec 23 01:09 ..
libguestfs: drwxr-xr-x. 2 root root unconfined_u:object_r:user_tmp_t:s0   46 Dec 23 01:09 appliance.d
libguestfs: -rw-r--r--. 1 root root unconfined_u:object_r:user_tmp_t:s0    0 Dec 23 01:09 lock
libguestfs: 
libguestfs: /var/tmp/.guestfs-0/appliance.d:
libguestfs: total 310984
libguestfs: drwxr-xr-x. 2 root root unconfined_u:object_r:user_tmp_t:s0         46 Dec 23 01:09 .
libguestfs: drwxr-xr-x. 3 root root unconfined_u:object_r:user_tmp_t:s0         37 Dec 23 01:09 ..
libguestfs: -rw-r--r--. 1 root root unconfined_u:object_r:user_tmp_t:s0    6068224 Dec 23 01:09 initrd
libguestfs: -rwxr-xr-x. 1 root root unconfined_u:object_r:user_tmp_t:s0   11088208 Dec 23 01:09 kernel
libguestfs: -rw-r--r--. 1 root root unconfined_u:object_r:user_tmp_t:s0 4294967296 Dec 23 01:09 root
libguestfs: command: run: ls
libguestfs: command: run: \ -a
libguestfs: command: run: \ -l
libguestfs: command: run: \ -Z /tmp/libguestfsf2vJ1s
libguestfs: total 4
libguestfs: drwxr-xr-x.  2 root root unconfined_u:object_r:user_tmp_t:s0   47 Dec 23 01:09 .
libguestfs: drwxrwxrwt. 11 root root system_u:object_r:tmp_t:s0          4096 Dec 23 01:09 ..
libguestfs: srw-rw----.  1 root qemu unconfined_u:object_r:user_tmp_t:s0    0 Dec 23 01:09 console.sock
libguestfs: srw-rw----.  1 root qemu unconfined_u:object_r:user_tmp_t:s0    0 Dec 23 01:09 guestfsd.sock
libguestfs: launch libvirt guest
\x1bc\x1b[?7l\x1b[2J\x1b[0mSeaBIOS (version 1.14.0-7.el9)
Machine UUID 3eb79c65-8b43-4a68-a378-c5643789f6fc
Booting from ROM..\x1bc\x1b[?7l\x1b[2J[    0.000000] Linux version 5.14.0-35.el9.x86_64 (mockbuild.eng.bos.redhat.com) (gcc (GCC) 11.2.1 20211019 (Red Hat 11.2.1-6), GNU ld version 2.35.2-13.el9) #1 SMP PREEMPT Tue Dec 21 08:42:19 EST 2021
[    0.000000] Command line: panic=1 console=ttyS0 edd=off udevtimeout=6000 udev.event-timeout=6000 no_timer_check printk.time=1 cgroup_disable=memory usbcore.nousb cryptomgr.notests tsc=reliable 8250.nr_uarts=1 root=UUID=4e3ae769-86a6-41e6-9dd4-c5e010236463 selinux=0 guestfs_verbose=1 TERM=xterm-256color
[    0.000000] x86/fpu: Supporting XSAVE feature 0x001: 'x87 floating point registers'
...
===== TEST FINISHED OK =====

It works fine.

Since the problem described in this bug report should be
resolved in a recent advisory, it has been closed with a
resolution of ERRATA.

For information on the advisory (new packages: qemu-kvm), and where to find the updated
files, follow the link below.

If the solution does not work for you, open a new bug report.

https://access.redhat.com/errata/RHBA-2022:2307