With the latest Homebrew formula of openssl@1.1, it seems necessary to link the ssl library explicitly. After modifying setup.py as below, things work fine again.
...
if sys.platform == "darwin":
extra_compile_args += ["-stdlib=libc++", "-mmacosx-version-min=10.14", "-I/usr/local/opt/openssl@1.1/include"]
extra_link_args += ["-stdlib=libc++", "-mmacosx-version-min=10.14", "-L/usr/local/opt/openssl@1.1/lib"]
# Relevant only when c-cares is not embedded in grpc, e.g. when
# installing grpc via homebrew.
libraries.append("cares")
libraries.append("ssl")
...
With the latest Homebrew formula of openssl@1.1, it seems necessary to link the ssl library explicitly. After modifying setup.py as below, things work fine again.