Are you behind a proxy maybe? Are you able to pull images with the docker pull command? I don’t see any known issues and I could not reproduce it, but I see that what you call “Docker version” is the Docker Desktop version and there are newer Desktops which can come with newer compose as well. If you still have problem, you can try to update it.
Just chiming in, I’m seeing the same 503 error on image pulls today, also on macOS (M1 chip). No proxy on my end. Tried docker pull manually and it fails intermittently, so it might be a temporary registry-side issue. Will try again later and report back if it clears up.
Then you can try reporting in the Hub Feedback repository
It is possible that something is going on that I still can’t reproduce and not known by Docker either so it is not reported on their status page either: https://status.docker.com
I do have a proxy I’m required to be connected to. So I repeatedly force quit the proxy connection while I was running the build and somehow that worked lol.