It's not as dramatic as that looks. They changed the definition of M1.

From the same link:

Before May 2020, M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (3) other checkable deposits (OCDs), consisting of negotiable order of withdrawal, or NOW, and automatic transfer service, or ATS, accounts at depository institutions, share draft accounts at credit unions, and demand deposits at thrift institutions.

Beginning May 2020, M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (3) other liquid deposits, consisting of OCDs and savings deposits (including money market deposit accounts). Seasonally adjusted M1 is constructed by summing currency, demand deposits, and OCDs (before May 2020) or other liquid deposits (beginning May 2020), each seasonally adjusted separately.

m1 graph is incredibly misleading because they changed the definition, and even before it was still quite limited. Here's the real money supply https://fred.stlouisfed.org/series/WM2NS

*Printing money, but in response to covid stagnation in 2020.

Printing and interest rates are separate. There was still a missed opportunity to increase interest rates while the economy was running hot prior to 2020.

It has been increasing since 2008, without Covid the same graph would look very different. Its just that the fed just increased the scale so much that the previous level seems puny now, even though the y axis is 1000s of Billions of dollars.