Apple TV Playback - HDCP bug

I rented a movie from the Apple TV app on my MacBook Air [M1, 2020, running 12.6]. No issues until about 20 minutes in, the fullscreen window closes and I'm back at the TV library screen. Attempts to resume the movie resulted in the following error message:

The selected movie won't play on your display. This movie can only be played on displays that support HDCP.

Not sure how my display suddenly became HDCP non-compliant in the span of a minute. I have no external displays attached, no screen recording or sharing apps installed. I'm in safe boot right now, still getting the same result. I've gone through all the troubleshooting methods I can think of. It's definitely a bug, something isn't working as it should.

Mostly posting for documentation, I doubt anything can be done before this rental expires. Of course, I'm curious to know exactly what happened.