Check the created VMs also. Is a bootstrap ISO mounted? vm hardware properties itself, as well as mounts in the OS.
I have the same issue with vsphere on arm64. By default, rancher creates an IDE device with its ISO mounted. Arm64 doesn't work with IDE, so the bootstrap doesn't start. Powering off VM, changing device type to sata, and powering on again - win.
Anyway, journalctl or /var/log/syslog should bring more details