Update: I've partially figured out the issue. In my testing, apparently ArcGIS Pro can only read "regular" parquet files and not GeoParquet files, even though they have the same file extension.
I find it very strange that Esri does not support GeoParquet files considering ArcGIS Pro is geospatial software, yet they only support non-spatial parquet files?
Furthermore, nowhere in Esri's documentation (that I could find, feel free to prove me wrong) does it state that it only supports non-spatial parquet files. Per Esri's documentation (What is a multifile feature connection?—ArcGIS Pro | Documentation), it states that .parquet is a supported data format, yet gives no limitations that it doesn't support GeoParquet.
If anyone has any more input about this, please feel free to comment!
Edit: QGIS natively supports GeoParquet files. Drag and drop the file and it just works. I would like to see this functionality implemented into ArcGIS Pro.