We need to stop making pre-built releases, as developers want more features than will fit in one (or now two) maximally-sized download bundles on GitHub. Here, the j2objc-2.8 distribution was created before Apple released M1 hardware, so it's useless on new hardware. Best advice here is to just delete that directory the release bundle created when unzipped.
What most j2objc users are now doing is build from the latest source,
described here. That can take a long time due to all the possible hardware combinations, but
which architecture slices to build are easily configurable. So you should be able to build just the slices the M1 simulator and your device need, which speeds the build up quite a bit. The simulator64 architecture will once again work, as post-2.8 that slice is now also built for arm64.