By looking in the bootstrap log file directory for my installation (location of bootstrap log files: C:\Program Files\Microsoft SQL Server\150\Setup Bootstrap\Log\) I can find more information about the warning and failed statuses.
Here is a subset of my bootstrap log file that shows why I got the above “warning” status:

Bootstrap Log File
As you can see, the C++ redistributable is required should I want to use a “Polybase Teradata Connector”. Since I will not be using Teradata I ignore this warning.
To understand why I got the “Failed” message I review this subset of bootstrap log file messages:

Subset of Bootstrap Log File
As you can see my machine is missing the Java Runtime environment. To resolve this issue, I need to install the Oracle JRE. To install the Oracle JRE, I went out and downloaded the latest JRE from the following location: https://www.oracle.com/technetwork/java/javase/downloads/jre10-downloads-4417026.html.
When I go to this web page the following is displayed:

Java SE Runtime Environment 10 Downloads
On this page I clicked on the radio button to accept the license and then I selected the correct version to download for the OS that I’m using for my SQL Server 2019 installation.
Once the Java runtime exe is download I execute it, to start the install of the Java SE Runtime 10 environment on my virtual machine. Once the Java runtime is installed, I then clicked on the Re-Run button on the “Feature Rules” dialog box to revalidate the installation, as shown below:

Re-Run Button on the “Feature Rules” Dialog Box
With the installation of the new JRE installed I no longer got the JRE failure, as the screenshot below shows:

Feature Rules
As you can see the failed status regarding JRE has now disappeared. At this point I only have one warning, which I’m going to ignore because I’m not going do any testing of PolyBase against a Terradata data source.
I proceed to the next step by clicking on the “Next” button, which brings up the following “Instance Configuration” dialog box:

Instance Configuration
On this “Instance Configuration” screen, I have the choice to install a default instance, or named instance. I’ll just take the default and choose to create a default instance. To move on with my installation I click on the “Next” button, which displays the “PolyBase Configuration” options:

PolyBase Configuration
For PolyBase I just take the defaults and click on the “Next” button, which moves me on to the “Server Configuration” dialog box:

Server Configuration
At this point, I’m just testing SQL Server 2019 so I’m just going to take the defaults for the Service Accounts and Collation by clicking the “Next” button. Normally for a production installation I would make sure the accounts used for the services follow industry best practices, and our SQL Server Installation standards.
The next item to configure is database engine configuration:

Database Engine Configuration
For my test instance I am going to use “Windows authentication mode”, so I make sure that radio button is selected. I also I add myself as the SQL Server administrator by clicking on the “Add Current User” button. If I don’t add someone as an administrator I get an error. Next, I click on the “Data Directories” tab, to see where my instance data will be stored.

Data Directories Tab
I just accepted these defaults and click the “TempDB” tab to display the default configurations for TempDB:

Number of Files
I can see the default configuration for my install only has TempDB 1 mdf file. Since multiple mdf files for TempDB are considered a best practice, I changed that to 4 and then click on the FILESTREAM tab.
Below is the file stream configuration dialog box:

File Stream Configuration