Install-PackageProvider cannot find the NuGet provider

Steps to reproduce:

1. Open PowerShell 7.1.3.
2. Run the following command.

Install-PackageProvider -Name NuGet -MinimumVersion 2.8.5.201 -Force

Error message:

Install-PackageProvider: No match was found for the specified search criteria for the provider 'NuGet'. The package provider requires 'PackageManagement' and 'Provider' tags. Please check if the specified package has the tags.

Specific PowerShell version:

Name                           Value
----                           -----
PSVersion                      7.1.3
PSEdition                      Core
GitCommitId                    7.1.3
OS                             Microsoft Windows 10.0.19042
Platform                       Win32NT
PSCompatibleVersions           {1.0, 2.0, 3.0, 4.0…}
PSRemotingProtocolVersion      2.3
SerializationVersion           1.1.0.1
WSManStackVersion              3.0

We have tried first to change our security protocol, but that did not resolve the issue.

[Net.ServicePointManager]::SecurityProtocol = [Net.SecurityProtocolType]::Tls12