The latest release of Windows 11 requires a Trusted Platform Module (TPM) 2.0 chip. When you try to install Windows 11 as a Virtual Machine on VMware ESXi, the installation fails with a "This PC can't run Windows 11" error. There is no further information on why the setup fails.
By using SHIFT + F10 and notepad x:\windows\panther\setuperr.log or type x:\windows\panther\setuperr.log, you can verify that the reason for the failed setup is a missing TPM Chip:
This article explains two options to install Windows 11 by either disabling the TPM check, or by adding a Virtual Trusted Platform Module (vTPM) to the Virtual Machine.