ITSM : Cannot create Configuration Item of Type "Component "

Currently, when attempting to create a Configuration Item (CI) of type "Component" or any of its subtypes, the option to do so is not available. You will not see New Child CI option as well

Additionally, when trying to create a new CI Type with the Parent CI Type set as "Component", the system throws the following error:

"We couldn't create your configuration item (CI) type as the parent CI type is marked as a component."

This effectively prevents any operations involving CI Types that are marked as Component, including both creating new CI Types under it and creating CIs of those types.