This is caused by packaging error in systemd. We ship outdated systemd-user config file which doesn't call pam_keyinit.so. Hence gnome-terminal-server.service user service inherits session keyring from systemd --user instance which gets has KeyringMode=private (i.e. new session keyring not linked with user keyring). If pam_keyinit.so was invoked from systemd-user then this private keyring (setup by PID 1 when starting user instance) would be linked to user keyring and that is then inherited by gnome-terminal.
We discussed this during a meeting with PAM maintainers today… The issue is even more subtle: we call 'pam_keyinit revoke' via the shared configuration, but we need to call 'pam_keyinit force revoke'. This will need to be done in our own config. As Michal wrote, this is already done upstream, so the fix will be to just make sure that those upstream changes are present in our downstream version of this file.
I have posted MR fixing this issue, thank you for your patience. https://gitlab.com/redhat/centos-stream/rpms/systemd/-/merge_requests/80