Does scrolling work? My experience is that both tracking and scrolling don't work properly on Bluetooth, but everything works perfectly while plugged in. This is on MacOS 15.1.
When I try to scroll on Bluetooth it looks like it's going back and forth between vertical and horizontal scrolling. Also adjusting the trackpad settings for tracking speed doesn't seem to do anything, it just uses the default settings.
As soon as I plug it in using a USB C cable, everything works perfectly. I exchanged it yesterday at the Apple Store and had the exact same experience so I just returned it until they get it fixed.
The Apple Store employees didn't even realize that they need MacOS 15.1. This seems like a pretty bungled launch.