BitLocker fails in case of hardware encryption

I recently bought a Dell Precision 3591. I turned it on and configured Win 11 Pro with OOBE for the first time. In gpedit.msc I configured BitLocker to use hardware encryption only, but BitLocker fails to activate. On the other side, software encryption works fine.

My SSD is a Micron 2650 SED NVMe 512GB. The disk controller is set to AHCI/NVMe mode (no Intel VMD or RAID). The BIOS is configured for UEFI with no CSM. Secure Boot is enabled. In PowerShell, Confirm-SecureBootUEFI returns TRUE. tpm.msc reports that the TPM is ready for use. 

What could be preventing BitLocker from using hardware encryption?