Verified with cluster-bot image(4.7.0-0.ci.test-2021-12-02-044224-ci-ln-0q9xmib-latest) with the PR merged , because cco in ocp version 4.7 doesn't have secret annotator implementation for osp,so launch an osp cluster.

1. check platform is openstack
$ oc get infrastructure cluster -o json | jq -r ".status.platformStatus"
{
  "openstack": {
    "apiServerInternalIP": "192.168.0.5",
    "ingressIP": "192.168.0.7"
  },
  "type": "OpenStack"
}
2. check cco pod works well
3. create an aws root secret, check cco pod won't hit crash
time="2021-12-02T05:27:07Z" level=info msg="observed admin cloud credential secret event" namespace=kube-system secret=aws-creds
time="2021-12-02T05:27:07Z" level=info msg="requeueing all CredentialsRequests"
time="2021-12-02T05:27:07Z" level=info msg="requeueing all CredentialsRequests"

......
time="2021-12-02T05:27:07Z" level=info msg="validating cloud cred secret" controller=secretannotator
time="2021-12-02T05:27:07Z" level=info msg="syncing credentials request" controller=credreq cr=openshift-cloud-credential-operator/ovirt-csi-driver-operator
time="2021-12-02T05:27:07Z" level=info msg="syncing credentials request" controller=credreq cr=openshift-cloud-credential-operator/aws-ebs-csi-driver-operator
time="2021-12-02T05:27:07Z" level=info msg="Verified cloud creds can be used for minting new creds" controller=secretannotator
time="2021-12-02T05:27:34Z" level=info msg="calculating metrics for all CredentialsRequests" controller=metrics

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 (OpenShift Container Platform 4.7.40 bug fix update), 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-2021:5088