Mac - Steam Needs to Be Online to Update. Please confirm your network connection and try again error

Recently after upgrading macOS Big Sur upgrade, I was unable to install steam software - ran into the below error message.

Steam needs to be online to update. Please confirm your network connection and try again.

code2care ~ % /Applications/xSteam.app/Contents/MacOS/steam_osx ; exit;
[2021-05-19 11:24:17] Startup - updater built Mar 26 2020 15:49:26
[2021-05-19 11:24:17] Startup - updater built Mar 26 2020 15:49:26
ILocalize::AddFile() failed to load file "public/steambootstrapper_english.txt".
[2021-05-19 11:24:17] Verifying installation...
[2021-05-19 11:24:17] Unable to read and verify install manifest /Users/mattshannon/Library/Application Support/Steam/Steam.AppBundle/Steam/Contents/MacOS/package/steam_client_osx.installed
[2021-05-19 11:24:17] Verification complete
[2021-05-19 11:24:18] Downloading Update...
[2021-05-19 11:24:18] Checking for available update...
[2021-05-19 11:24:18] Downloading manifest: client-download.steampowered.com/client/steam_client_osx
KeyValues Error: LoadFromBuffer: missing {   (current key: '<!DOCTYPE') in file manifest [offset: 14]

/Users/buildbot/buildslave/steam_rel_client_osx/build/src/tier1/KeyValues.cpp (2958) : Assertion Failed: Error while parsing text KeyValues for resource manifest
[2021-05-19 11:24:19] failed to load manifest from the buffer.
[2021-05-19 11:24:19] Failed to load manifest
[2021-05-19 11:24:19] Error: Download failed: HTTP error 200
[2021-05-19 11:24:19] Error: Steam needs to be online to update.	 
Please confirm your network connection and try again

Solution: The easiest workaround to resolve this issue is to switch your internet connection. You can try making a hotspot from your phone (Android or iPhone)