Here are some ways to help work out what is going wrong. First, you can check your ImageMagick version, and whether you have fontconfig, gslib (Ghostscript) and freetype delegates built into your version:
identify -version
Version: ImageMagick 7.1.1-3 Q16-HDRI aarch64 20959 https://imagemagick.org
Copyright: (C) 1999 ImageMagick Studio LLC
License: https://imagemagick.org/script/license.php
Features: Cipher DPC HDRI Modules OpenMP(5.0)
Delegates (built-in): bzlib fontconfig freetype gslib heic jng jp2 jpeg jxl lcms lqr ltdl lzma openexr png ps raw tiff webp xml zlib
Then you can check your CONFIGURE_PATH to see where ImageMagick is looking for its confguration files such as type.xml, delegates.xml and policy.xml:
identify -list configure | grep CONFIGURE_PATH
CONFIGURE_PATH /opt/homebrew/Cellar/imagemagick/7.1.1-3/etc/ImageMagick-7/
Then you can examine those files:
more /opt/homebrew/Cellar/imagemagick/7.1.1-3/etc/ImageMagick-7/type-ghostscript.xml
Then you can run your identify -list font command again with debugging turned on in order to see what ImageMagick looks at, what it finds and what it understands:
identify -debug all -list font 2>&1 | more
2023-03-26T10:43:03+00:00 0:00.001 0.000u 7.1.1 Configure identify[20272]: utility.c/ExpandFilenames/975/Configure
Command line: identify {-debug} {all} {-list} {font}
2023-03-26T10:43:03+00:00 0:00.001 0.000u 7.1.1 Configure identify[20272]: configure.c/GetConfigureOptions/695/Configure
Searching for configure file: "/opt/homebrew/Cellar/imagemagick/7.1.1-3/share/ImageMagick-7/type.xml"
2023-03-26T10:43:03+00:00 0:00.001 0.000u 7.1.1 Configure identify[20272]: configure.c/GetConfigureOptions/695/Configure
Searching for configure file: "/opt/homebrew/Cellar/imagemagick/7.1.1-3/lib/ImageMagick//config-Q16HDRI/type.xml"
2023-03-26T10:43:03+00:00 0:00.001 0.000u 7.1.1 Configure identify[20272]: configure.c/GetConfigureOptions/695/Configure
Searching for configure file: "/opt/homebrew/Cellar/imagemagick/7.1.1-3/etc/ImageMagick-7/type.xml"
2023-03-26T10:43:03+00:00 0:00.001 0.010u 7.1.1 Configure identify[20272]: configure.c/GetConfigureOptions/695/Configure
Searching for configure file: "/opt/homebrew/Cellar/imagemagick/7.1.1-3/share/doc/ImageMagick-7/type.xml"
2023-03-26T10:43:03+00:00 0:00.001 0.010u 7.1.1 Configure identify[20272]: configure.c/GetConfigureOptions/695/Configure
Searching for configure file: "/Users/mark/.config/ImageMagick/type.xml"
2023-03-26T10:43:03+00:00 0:00.001 0.010u 7.1.1 Configure identify[20272]: type.c/LoadTypeCache/1098/Configure
Loading type configure file "/opt/homebrew/Cellar/imagemagick/7.1.1-3/etc/ImageMagick-7/type.xml" ...
2023-03-26T10:43:03+00:00 0:00.001 0.010u 7.1.1 Policy identify[20272]: policy.c/IsRightsAuthorized/647/Policy
Domain: Path; rights=Read; pattern="/opt/homebrew/Cellar/imagemagick/7.1.1-3/etc/ImageMagick-7/type-ghostscript.xml" ...
2023-03-26T10:43:03+00:00 0:00.001 0.010u 7.1.1 Configure identify[20272]: type.c/LoadTypeCache/1098/Configure
Loading type configure file "/opt/homebrew/Cellar/imagemagick/7.1.1-3/etc/ImageMagick-7/type-ghostscript.xml" ...
Path: /opt/homebrew/Cellar/imagemagick/7.1.1-3/etc/ImageMagick-7/type-ghostscript.xml
Font: AvantGarde-Book
family: AvantGarde
style: Normal
stretch: Normal
weight: 400
glyphs: /opt/homebrew/share/ghostscript/fonts/a010013l.pfb
Font: AvantGarde-BookOblique
family: AvantGarde
style: Oblique
stretch: Normal
weight: 400
glyphs: /opt/homebrew/share/ghostscript/fonts/a010033l.pfb