What version of bash do you use? I can't seem to get this to work with mine. For me, Alt-. gets the last argument of the penultimate command.

  $ echo $BASH_VERSION
  5.0.11(1)-release
  
  $ mv foo.txt
  mv: missing destination file operand after 'foo.txt'
  Try 'mv --help' for more information.

  $ mv foo.txt $BASH_VERSION # Alt-. pasted $BASH_VERSION instead of foo.txt