Can't launch SteamVR with error "Cannot open video encoder codec: -22"

[boovish]

Hi All,
I'm attempting to use ALVR again after my last try with a 2013 Mac Pro running windows 10 on bootcamp. New system is a 2019 Mac Pro with a Radeon Pro 580x, and despite the newer graphics card SteamVR won't even load regardless of what codec settings and driver version I'm on.

Full error is as follows:
17:10:02.969
ERROR Your GPU does not meet the requirements for video encoding. If you get this error after changing some settings, you can revert them by deleting the file "session.json" in the installation folder.
Failed to initialize CEncoder: All VideoEncoder are not available. VCE: H.264 10-bit encoding is not supported, NVENC: NvEnc NvEncoderD3D11 failed. Code=1 NvEncoder::LoadNvEncApi : NVENC library file is not found. Please ensure NV driver is installed at cpp/platform/win32\NvEncoder.cpp:72

, SW: Cannot open video encoder codec: -22

17:10:03.331
ERROR Unhandled exception: C0000005
Stack trace (most recent call last):
#4 Object "", at 00007FFB75C37374, in BaseThreadInitThunk
#3 Object "", at 00007FFB756C1BB2, in configthreadlocale
#2 Object "", at 00007FFAD6F0279F, in bz_internal_error
#1 Object "", at 00007FFAD6EF4634, in bz_internal_error
#0 Object "", at 00007FFAD6F0FD79, in bz_internal_error

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It's very disappointing because despite the very low image quality and lag spikes I was able to run HL Alyx with just dual AMD FirePro 800s, and I was hoping that with the recent upgrade that it would actually be playable. Now I am currently at a loss as to what I can do as I have exhausted all possible issues on my end.

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System Information:
Device name Mac Pro
Processor Intel(R) Xeon(R) W-3275M CPU @ 2.50GHz 2.50 GHz
Installed RAM 96.0 GB
System type 64-bit operating system, x64-based processor
GPU AMD Radeon Pro 580x w/ 8GB GDDR5

Headset - Apple Vision Pro