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Check your version of

Check your version of autoconf and compare to AC_PREREQ in aclocal.m4. Try re-installing autotools if something doesn't work.
On my focal 20.04 LTS, following https://www.libraw.org/docs/Install-LibRaw.html

$ apt-cache policy pkg-config
pkg-config:
  Installed: 0.29.1-0ubuntu4...
$ apt-cache policy automake
automake:
  Installed: 1:1.16.1-4ubuntu6...
$apt-cache policy libtool
libtool:
  Installed: 2.4.6-14...
$ autoconf -V
autoconf (GNU Autoconf) 2.69....
$ cd
$ git clone https://github.com/LibRaw/LibRaw.git
$ cd LibRaw
$ autoreconf --install
$ ./configure
$ make
$ bin/raw-identify 
Usage: /home/ib/LibRaw/bin/.libs/raw-identify [options] inputfiles
Options:
	-v	verbose output
	-w	print white balance
	-u	print unpack function
	-f	print frame size (only w/ -u)
	-s	print output image size
	-h	force half-size mode (only for -s)
	-M	disable use of raw-embedded color data
	+M	force use of raw-embedded color data
	-L filename	read input files list from filename
	-o filename	output to filename

--
Iliah Borg