dbt-bigquery has a bug when running meltano invoke dbt-bigquery:initialize it creates a profiles.yaml file which is not detected by default when using meltano invoke dbt-bigquery:run If i rename it to profiles.yml only then it starts to work even after that the profiles.yml contains the below code

config:
  send_anonymous_usage_stats: False
  use_colors: True

Which is no longer supported in latest version of DBT and same already available in the dbt_project.yml file after removing above section only then dbt-bigquery starts to work

It seems to have been missed by https://github.com/meltano/dbt-ext/commit/ab67471d88e2ebeb8b0c0feae26d0c9580b5cf3d. PRs welcome to update the file for dbt-bigquery!

https://github.com/meltano/dbt-ext/pull/86 done