Agreed, this issue is still happening on M1
Error: No available formula with the name “mongodb/brew/mongodb-community@7.0”
Did you mean mongodb/brew/mongodb-community@5.0, mongodb/brew/mongodb-community@6.0, mongodb/brew/mongodb-community, mongodb/brew/mongodb-community@4.4, mongodb/brew/mongodb-community-shell, mongodb/brew/mongodb-community-shell@4.4, mongodb/brew/mongodb-mongocryptd@7.0 or mongodb/brew/mongodb-enterprise@7.0?
In formula file: /opt/homebrew/Library/Taps/mongodb/homebrew-brew/Formula/mongodb-community@7.0.rb