Favicon not working even if Imagemagick installed in the shared server

Favicon is not working. I have already confirmed from my shared hosting provider that imagemagick is installed on the system.
Please help

I have the same problem on a dedicated server (no shared hosting), also with imagemagick installed and I continuously see either the nextcloud logo as favicon or no logo (browser default).

Not sure if we should open a bug report on Github for the server repository.