This my first time answering my own question so if there's anything wrong with my explanation just leave a comment and make any necessary correction
The following is just a updated answer for those whose XCode was automatically updated to the stable release of XCode 13 and have been running a bare React Native Project.
This issue has been seen in other questions that was posted a few months back.
One of them can be seen here.
Apparently after updating to XCode 13 and trying to run my React-Native app in the simulator would apparently result in a build error with the following log
Could not find or use auto-linked library 'swift_Concurrency'
Could not find or use auto-linked library 'swiftFileProvider'
I'm not sure about others but you might get a similar error log that has to do with the 'auto-linked library'
So from previous questions that were posted and also from this Github Issue, the build failure apparently springs from the Flipper platform that is used for debugging.
So what I did that solved this problem is to simply go into your Podfile in the ios folder of your react native project and disabling it as I did here by commenting out this line in my Podfile
# use_flipper!('Flipper' => '0.75.1', 'Flipper-Folly' => '2.5.3', 'Flipper-RSocket' => '1.3.1')
After that, run pod install again
Following this, your React Native application will build successfully and can now run as per normal on your simulator.