Thanks Dalto and @philmo for the feedback. It now makes sense that since I use Grub this is why the multiple examples I was reading in various documentation did not have me explicitly pass the path and file name if the IMG file. Problem resolved.
Example for persons not using System boot:
lsinitrd -m /boot/initramfs-linux-lts.img
Image: /boot/initramfs-linux-lts.img: 20M
========================================================================
Early CPIO image
========================================================================
drwxr-xr-x 3 root root 0 Feb 24 2022 .
-rw-r--r-- 1 root root 2 Feb 24 2022 early_cpio
drwxr-xr-x 3 root root 0 Feb 24 2022 kernel
drwxr-xr-x 3 root root 0 Feb 24 2022 kernel/x86
drwxr-xr-x 2 root root 0 Feb 24 2022 kernel/x86/microcode
-rw-r--r-- 1 root root 5677056 Feb 24 2022 kernel/x86/microcode/GenuineIntel.bin
========================================================================
Version: dracut-056
dracut modules:
systemd
systemd-initrd
i18n
kernel-modules
kernel-modules-extra
resume
rootfs-block
terminfo
udev-rules
dracut-systemd
ostree
usrmount
base
fs-lib
shutdown
========================================================================
Source: