Alt + . key binding doesn't cycle through last used arguments

Description

What are your expected behavior and actual behavior of your environment?

Alt + . used to cycle through the previous lines arguments in readline, but it doesn't do anything in the newer reline versions.

The behaviour in irb 1.0 / ruby 2.6 was the following:

irb(main):001:0> puts "hello"
hello
=> nil
irb(main):002:0> puts "world"
world
=> nil
irb(main):003:0> 

pressing Alt + . would cycle the prompt through the output "hello", "world"

irb(main):003:0> "hello"
irb(main):003:0> "world"
irb(main):003:0> 

Result of irb_info

irb(main):001:0> irb_info
=> 
Ruby version: 3.0.3                            
IRB version: irb 1.4.1 (2021-12-25)            
InputMethod: ReidlineInputMethod with Reline 0.3.1 and /home/daniel/.inputrc
RUBY_PLATFORM: x86_64-linux                    
LANG env: en_US.UTF-8                          
East Asian Ambiguous Width: 1            

Terminal Emulator

Guake and Gnome Terminal

Setting Files

cat ~/.inputrc 
# Make autocompletion case insensitive
set completion-ignore-case on

# Treat hyphens and underscores the same
set completion-map-case on

Reproduce the issue in IRB 1.4.1 with Reline 0.3.1 using the commands shown, then compare Alt + . with the older readline behavior described. Done means Alt + . cycles through arguments from previous input lines in the prompt.