This is what is working for me on my Argon One V1 (there seems to be a user who is archiving some the Argon scripts including older versions / previous variants like the one downloaded below at GitHub - okunze/Argon40-ArgonOne-Script: Script for the Argon ONE (V2) Pi 4 Raspberry Pi Case):
argonone-uninstall
cd /tmp
wget https://raw.githubusercontent.com/okunze/Argon40-ArgonOne-Script/f62ae2f6ce7807062d40642bc5aea618adde5c86/argon1.sh
bash argon1.sh
plus:
$ rpi-eeprom-config
BOOT_UART=0
WAKE_ON_GPIO=1
POWER_OFF_ON_HALT=1
Afterwards the shutdown button as well as a plain shutdown -h now is working again for me and the whole system powers off without being stuck in that “red light shows up but system can’t be started anymore” state.