I found the culprit! at least in my case ;-)
I've been dealing with this issue for some time now and it was very frustrating. In my case I had 3 Java virtual machines installed, this is the output for the "/usr/libexec/java_home -V" command:
> /usr/libexec/java_home -V
Matching Java Virtual Machines (3):
24.0.2 (arm64) "Eclipse Adoptium" - "OpenJDK 24.0.2" /Library/Java/JavaVirtualMachines/temurin-24.jdk/Contents/Home
21.0.6 (arm64) "IBM Corporation" - "IBM Semeru Runtime Open Edition 21" /Library/Java/JavaVirtualMachines/ibm-semeru-open-21.jdk/Contents/Home
11.0.28 (arm64) "IBM Corporation" - "IBM Semeru Runtime Open Edition 11" /Library/Java/JavaVirtualMachines/ibm-semeru-open-11.jdk/Contents/Home
/Library/Java/JavaVirtualMachines/temurin-24.jdk/Contents/Home
And I had the JAVA_HOME variable set on my .zshrc file as "export JAVA_HOME=`/usr/libexec/java_home -v 21.0.6`", that is, I've set the semeru runtime to be my default and even if I ran the command "java -version" and it threw the right information for some reason the IBM ACS Application icon used the temurin runtime.
After reading your response I realize that I haven't tried to run the "java -jar /usr/local/ibmiaccess/acsbundle.jar" command with all the runtimes and when I executed one by one, the temurin jvm started throwing the exception messages, this was very counterintuitive to figure out because my jvm was correctly set and executing it from the command line with the default JVM worked always ok.
In summary, take a look and see if you have this particular JVM and uninstall it. That solved my problem.
I hope this help you.
Have a nice day.