While looking through the files of the game to make a data pack, I noticed that the Cartographer had its trades be biome specific for its banners. They go as the following:
Plains - Brown, Pink, White, Yellow
Desert - Cyan, Gray, Green, Lime, Orange
Savanna - Green, Magenta, Orange, Red
Taiga - Blue, Lime, Pink, Purple
Snowy - Blue, Cyan, Light Blue, Red, White
Jungle - Brown, Green, Yellow
Swamp - Black, Light Blue, Purple
However, there is no code file that allows them to sell light gray banners, effectively making them impossible to get from that specific villager.
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You can submit feedback to include the banner at the official Minecraft feedback site.
This is working as intended, reading the 25w07a snapshot notes, the new biome-dependant cartographer trades are shown in the image attached, where the light gray banner is explicitly omitted from the trade pool.