Cloud Run on GKE Anthos - Hello world not working

Question

I am trying to deploy a container using Cloud Run on GKE with Anthos enabled. I was following the codelab https://codelabs.developers.google.com/codelabs/cloud-run-gke.

When I create the container in Google Console I see that pods are created but it gets stuck with status "Waiting for Load Balancer to be Ready" on the "Routing traffic" stage. I am including the output below of the events.

Status:
  Address:
    URL:  http://hello-run.default.svc.cluster.local
  Conditions:
    Last Transition Time:        2020-09-09T02:16:13Z
    Status:                      True
    Type:                        ConfigurationsReady
    Last Transition Time:        2020-09-09T02:16:14Z
    Message:                     Waiting for load balancer to be ready
    Reason:                      Uninitialized
    Status:                      Unknown
    Type:                        Ready
    Last Transition Time:        2020-09-09T02:16:14Z
    Message:                     Waiting for load balancer to be ready
    Reason:                      Uninitialized
    Status:                      Unknown
    Type:                        RoutesReady
  Latest Created Revision Name:  hello-run-00001-qaz
  Latest Ready Revision Name:    hello-run-00001-qaz
  Observed Generation:           1
  Traffic:
    Latest Revision:  true
    Percent:          100
    Revision Name:    hello-run-00001-qaz
  URL:                http://hello-run.default.example.com
Events:
  Type    Reason   Age    From                Message
  ----    ------   ----   ----                -------
  Normal  Created  7m59s  service-controller  Created Configuration "hello-run"
  Normal  Created  7m59s  service-controller  Created Route "hello-run"

Has anyone run into this situation ?