How do I use the new 1P in the Mac Menu Bar?

The icon is in my menu bar but when i click I do not have the options like the previous version where I would be able to do everything basically using the menu bar, create passwords, look at all logins etc. Now it is just few options and none open directly in menu bar.

Any help is appreciated!

1Password Version: 8.10.33
Extension Version: 2.24.2
OS Version: 14.5
Browser: Chrome