Same issue, I've pasted the log below in case there's anything useful in there
[SESSION] Updated
01:05:08.001 [WARNING] Make sure you have put the following line in your SteamVR launch options and restart it:
/home/user/.local/share/Steam/steamapps/common/SteamVR/bin/vrmonitor.sh %command%
01:05:08.033 [INFO] GPU supports H264 profile.
01:05:08.033 [INFO] GPU supports HEVC profile.
01:05:10.707 [INFO] Server connected
01:05:55.965 [ERROR] Could not initiate connection for 3019.client: connection timed out
01:05:57.115 [INFO] Initial socket buffer size: send: 87040B, recv: 131072B
01:05:57.153 [INFO] Initial socket buffer size: send: 212992B, recv: 212992B
01:05:57.153 [INFO] Set socket send buffer succeeded: 425984
01:05:57.153 [INFO] Set socket recv buffer succeeded: 425984
01:05:57.155 [INFO] Render Target: 4288 2240
01:05:57.155 [INFO] Refresh Rate: 72
01:05:57.156 [INFO] CEncoder::Run
01:05:57.156 [INFO] CEncoder Listening
01:05:57.160 [INFO] CEncoder client connected, pid 38941, cmdline /home/user/.local/share/Steam/steamapps/common/SteamVR/bin/linux64/vrcompositor
01:05:57.199 [INFO] Using Vulkan device NVIDIA GeForce RTX 4050 Laptop GPU
01:05:57.256 [INFO] Received new playspace with size: [1.0889444, 1.0889444]
01:05:57.365 [INFO] Using device path /dev/dri/renderD129
01:05:57.370 [INFO] FrameRender: Input size 4288x2240
01:05:57.372 [INFO] FrameRender: Output size 2560x1184
01:05:57.554 [INFO] Using NvEnc encoder
01:11:08.290 [INFO] Client disconnected. Cause: Connection refused (os error 111)