"Application folder path" issue during setup

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Server Info: Ubuntu 22.04 (Nginx) with PHP v8.1
IP Version: 1.6.0

I wanted to give IP a go and followed the following steps:

  1. Downloaded a copy of IP v1.6.0 (stable) from the official website and extracted it to the root public_html folder.

  2. Install the required PHP extensions (except for php-recode) and also created a new MariaDB database and user with access to it.

  3. Configured nginx redirection as follows:

	location / {
        try_files $uri $uri/ /index.php?q=$uri;
	}

  1. Ran composer install.

  2. Made a copy of the ipconfig.php.example and renamed it to ipconfig.php.

  3. Commented out the first line file and added my website url (example.com below is just a dummy link) in the ipconfig.php file.

IP_URL=https://example.com
  1. Tried to open https://example.com/index.php/setup and got the following error instead:
Your application folder path does not appear to be set correctly. Please open the following file and correct this:

index.php

What am I doing wrong?

P.S. Just for the sake of debugging, I temporarily changed the value of $application_folder from 'application' to 'vendor/codeigniter/framework/system' in the following code section of the index.php file after which going to https://example.com/index.php/setup now returns a 404 error.

I have reverted the value to ‘application’ again but just wanted to mention this in case it might help:

/*
 *---------------------------------------------------------------
 * SYSTEM DIRECTORY NAME
 *---------------------------------------------------------------
 *
 * This variable must contain the name of your "system" directory.
 * Set the path if it is not in the same directory as this file.
 */
$system_path = 'vendor/codeigniter/framework/system';

/*
 *---------------------------------------------------------------
 * APPLICATION DIRECTORY NAME
 *---------------------------------------------------------------
 *
 * If you want this front controller to use a different "application"
 * directory than the default one you can set its name here. The directory
 * can also be renamed or relocated anywhere on your server. If you do,
 * use an absolute (full) server path.
 * For more info please see the user guide:
 *
 * https://codeigniter.com/user_guide/general/managing_apps.html
 *
 * NO TRAILING SLASH!
 */
$application_folder = 'vendor/codeigniter/framework/application';