Kernel panic - not syncing: No working init found.

[PS1TD]

Distribution (run cat /etc/os-release):

NAME="Pop!_OS"
VERSION="22.04 LTS"
ID=pop
ID_LIKE="ubuntu debian"
PRETTY_NAME="Pop!_OS 22.04 LTS"
VERSION_ID="22.04"
HOME_URL="https://pop.system76.com"
SUPPORT_URL="https://support.system76.com"
BUG_REPORT_URL="https://github.com/pop-os/pop/issues"
PRIVACY_POLICY_URL="https://system76.com/privacy"
VERSION_CODENAME=jammy
UBUNTU_CODENAME=jammy
LOGO=distributor-logo-pop-os

Related Application and/or Package Version (run apt policy $PACKAGE NAME):

Issue/Bug Description:
Kernel panic after latest sudo apt upgrade

Steps to reproduce (if you know):
Happens on PC restart

Expected behavior:

Other Notes:
The solution is to try to restart PC multiple times until it successfully boots up.
I have no idea what is causing this error I have tried everything to fix it.
Including using a recovery usb stick to reinstall PoP_OS.
Surprisingly the usb recovery stick was having the same issue.
I suspect it might be something broken in the kernel itself.