The team is aware and investigating the recent issues with 120hz output and the impact it is having on matchmaking for PS users.
As other users have mentioned - if you're having troubles finding a match, you may want to try turning off the 120hz output option in the PlayStation settings.
- Settings -> Screen and Video -> Video Output -> Enable 120hz Output: Off
I'll reply again when I get further updates from the team.
EDIT: I know other users here on the forums have already mentioned it, but if turning off the 120hz output option resolved the issue for you, please reply and let me know. Thank you for your patience.
EDIT 2 04/27/2022: We believe the issue has been identified and the team is working to get it resolved asap. Thank you all for your responses and reports.
EDIT 3 05/01/2022: An update was deployed today at 4 AM PT for PS5 specifically to address this issue.