@vmrao,

One - Matter offers Multi-Admin Control, meaning you can have equal control from both Tapo and Homekit - one does not fall under the other.

I would recommend using the Tapo connection so that you can receive firmware updates. In fact, try setting the device up via Tapo and seeing if there is an available firmware update. Matter has been changing a lot since its release, and my plugs have now received a few updates.

Second, ensure that the plug, TV, and phone can all communicate on the network, its possible that the TV is on an IoT network and cannot communicate with the plug via IPv6 (What matter is based on)

How far in the setup do you get? Do you get to the point in which you are able to scan the matter setup code?

Ensure you are attempting a FULL RESET by holding for 10 seconds, rather than the soft reset occurs at 5 seconds. In the past, Apple has required that devices use their setup method for the first 10 minutes after their first boot, this should not apply to Matter, but may still help Homekit see the device.