Faced the same issue.
The traditional --install-option
is no longer supported.
If anyone's facing this problem now, you need to do this instead..
export CFLAGS="-I/opt/homebrew/Cellar/libmemcached/1.0.18_2/include"
export LDFLAGS="-L/opt/homebrew/Cellar/libmemcached/1.0.18_2/lib"
pip install pylibmc