utmctl can't find UTM.app and seems to first arg ($0) did not used for that.
In my system UTM.app placed for one user only - at /Users/username/Applications/UTM.app but really app can be absolutely anywhere. That's wrong tactic to search the parent app in /Applications, imho.

Configuration

• UTM Version: 4.3.4
• macOS Version: 13.4.1 (c) (22F770820d)
• Mac Chip: M1 Pro

utmctl list                                                                                                                                                                                                             |17:31
2023-08-04 17:31:54.725 utmctl[82677:715921] Can't find app with file path /Applications/UTM.app
Error: Application not found.