SQL 2022 SSMS 20 "smo does not appear to be installed on this computer"

I have the latest version of ClearTraceXE and I am trying to run it on a new Windows 2022 SQL 2022 instance with SSMS 20. The SMO is installed, it is version 16.0.0.0 and I have verified SMO and .NET runtime & framework is installed.
I have updated ClearTraceXE.exe.config with this line:
”bindingRedirect oldVersion="14.0.0.0" newVersion="16.0.0.0" /” as instructed in the Readme file.

I get the following error:
"smo does not appear to be installed on this computer"

How do I fix this?