wp cli media commands not working

Media is the post type (post_type="attachment"), so most operations are done with wp post command.

By default, wp post manage blog posts (post_type="post"),
therefore by fetching post IDs you must add --post_type=attachment indicating the type of posts.
And to update media meta you should use wp post meta update <id> <key> <value>

Your entire command could look like this:

wp post list --date="2022-02-24" --format=ids --post_type=attachment | xargs -n 1 -I % wp post meta update % _wp_attachment_image_alt "{some meta value}"