An error occurred during service master key initialization (sql error log)

I have migrated sql server 2017 to new hardware. The sql error log shows following error log whenever the sql server service is restarted. An error occurred during service master key initialization I recently restored the master, msdb databases from older hardware to new hardware. Linked servers don't work for example if I try to create a linked server it gives following error: An error occurred during service master key decryption. Same error when creating credential. I understand this is something related to the SMK (service master key). Doesn't the SMK already exist since I have restored the master database (assuming the SMK is held in the master db)? Why am I getting these errors? Why can I not create/access linked sever and credentials?