A fresh account with no conversion history usually sees high CPMs at first, because Meta has no signal about who should see your ads and prices the uncertainty in. It settles as the pixel gathers conversions. High CPM on its own is not the problem; a high cost per result is.
This issue is common among Meta advertisers and usually indicates a structural or optimization problem that can be resolved with the right approach. Understanding the mechanism behind the problem is the first step to fixing it.