unfortunately it’s a known issue:
(there are some more posts about it if you search - quite a few products are affected)
as per the knowlegebase article linked - Cubase 11 mediabay isn’t aware of the ‘new’ Steinberg Activation Manager and because your elicencer one is now ‘deleted’ it thinks it’s unlicensed.
Might be worth trying to email support (good luck with that!) as per the knowledgebase article, they might issue you a new elicenser license ?
It’s very unclear to me who thought that DELETING licences when they are moved to the SAM system was a good idea ? This was bound to happen.