Apple - Is there an equivalent to resetting NVRAM on an M1 mac?

There is no SMC or NVRAM reset on the new hardware. Same as on iOS, iPadOS, watchOS, tvOS and HomePod hardware.

• https://eclecticlight.co/2020/11/28/startup-modes-for-m1-macs/
• https://support.apple.com/en-us/HT201295
• https://support.apple.com/en-us/HT204063

Yes, you can run a nvram command and read/write to a key-value store, but the reset at boot key command is gone.

I would open a support case for each specific item that’s strange. We now have detailed logs and a very capable recovery infrastructure for debugging boot issues so out with the old, embrace the new is my current motto.

Per my conversation with a 3rd tier NVRAM does exist on the chip, but it runs a test on startup and "automatically" resets if needed. There is no way to trigger it manually although.