I've tried both Macgo Blu-ray Player [1] and Anymp4 Blu-ray Player [2] and both have their playback issues. (Just a note that Anymp4 may look sketchy, but they are a legit company who do provide refunds if necessary.)
I usually transcode using Don Melton's other-video-transcoding ruby gem, albeit I think doing it on my PC w/ nvidia card seems to yield more consistent quality vs. the Apple Silicon built-in HEVC encoder.
While MakeMKV can rip decrypted Blu-Rays as-is, the default mode of operation is to encapsulate the audio and video streams in a Matroska (.mkv) container for each track (hence the name MakeMKV) which should be playable in any video player worth its salt. Personlly I like mpv for its minimalism.
I've tried both Macgo Blu-ray Player [1] and Anymp4 Blu-ray Player [2] and both have their playback issues. (Just a note that Anymp4 may look sketchy, but they are a legit company who do provide refunds if necessary.)
[1] https://apps.apple.com/us/app/macgo-blu-ray-player-pro/id140...
[2] https://www.anymp4.com/blu-ray-player/