In the 2022.1 integration, the location for Generated SoundBanks is up to the user. You decide where soundbanks are generated in the SoundBank settings in Wwise Authoring. In your Unreal project, you just have to make sure you set the "Generated SoundBanks folder" setting to point towards the same folder that Wwise is generating SoundBanks in. You could set your Generated SoundBanks folder to be in your Content folder, but we don't necessarily reccomend this.
Your Wwise assets in Unreal don't need to be in a specific folder anymore, and they no longer wrap the binary bank and media data as they did in Event-Based Packaging. Instead, when they are packaged, the necessary information needed to load properly is serialized into the cooked asset, and bank and media files it uses are copied into the staging directory (the specific location for which is also in the Wwise Unreal project settings).