Why OpenShift Virtualization installation is failing with error "namespaces openshift-virtualization-os-images not found"?

Issue

• After the installation of OpenShift Virtualization operator, the virtualization tab was not available in the OpenShift console. The kubevirt-console-plugin pod was not available in the openshift-cnv namespace. The hco-operator was continuously logging the below messages:

2023-07-18T12:38:15.157244036Z {"level":"error","ts":1689683895.1571174,"logger":"controller_hyperconverged","msg":"Failed to create object for ImageStream","Request.Namespace":"openshift-cnv","Request.Name":"kubevirt-hyperconverged","error":"namespaces \"openshift-virtualization-os-images\" not found",