I've got the same problem. GeForce Driver v512.15. Windows 11 Home v21H2.
Uninstalled and reinstalled (as administrator) four times. Tried different versions. Apparently 1.02.114714 is the only download that will install the game. 1.03.114723 and 1.04.114745 require the game to be already installed.
The game was working about a year ago. I uninstalled due to low drive space. Now on a fresh install I get the red X on the white background.
BTW: I'm not running the game from Steam. It's installed in E:\Matrix Games\Command Modern Operations
I have 4 DLC, but when I noticed the map was not working I only re-installed the base game on subsequent attempts to see if the problem persisted.
.NET 4.0 does not install, for the following reason:
"Microsoft .NET Framework 4 is already a part of this operating system. You do not need to install the .NET Framework 4 redistributable. <A HREF="
http://go.microsoft.com/fwlink/?LinkId=164207">More information</A>.
Same or higher version of .NET Framework 4 has already been installed on this computer."
Though unnecessary, I allowed DirectX 9.0c and Visual C++ 2017 to install.