Confirmed exact same issue for me as well. Just got my M1 Mac Mini today. I've tried both a DVI cable with an HDMI adapter, as well as a straight HDMI to DVI cable, with two different monitors. On one monitor I get static, on the other I get "this format is not supported".
Thankfully I bought a USB-C hub that includes an HDMI output port, and the monitors work when I plug them into that port.
Would be great if they could roll out a software update that fixes this, but until then it looks like I'm buying another USB-C adapter, because I need 2 monitors for my job.
I don't think that will work. With the current M1 Mac mini it only supports two Monitors and one of them has to be connected via HDMI. I already tried using another USB-C adapter with mine and that did not work.