So this happened as my PostgreSQL installation was dependent on a specific version of icu4c (libicui18n.74.dylib), but that version was removed or replaced (during MacOS/Homebrew upgrade)

So I had to reinstall PostgreSQL(version 14 in my case) using the command to fix the issue:

brew reinstall postgresql@14

Note: The database in your postgres will remain intact after we reinstall PostgreSQL.