You will once again have the option to search for the image in your context menu. The publisher has disclosed "that it will not collect or use your data" which is a nice thing to know, Armin has also been commenting on reddit helping people to use the extension and its options, but for the most part, you're sorted. Go to the Chrome web store and install Search by image by Armin Sebastian. This is where we'll have to rely on a third party extension to restore one-click reverse image searching again.
Previously, one could restore reverse image search by disabling the Lens feature by heading to chrome://flags, and setting #enable-lens-region-search to disabled but although the flag is still present, setting it to disabled does nothing, leading people to believe that the flag was left behind by accident when the switch was flipped to roll out the new Lens search option for everyone, presumably from Chrome v99, since it only started showing up for me this morning.