Welcome.
A general remark: Just in case you need some material on LaTeX, here are some.
Following samCs hint How do I define alt text on images in tagpdf? the correct syntax should be, adjusted a little bit:
\DocumentMetadata{testphase=phase-III}
\documentclass[runningheads,a4paper]{llncs}
\usepackage{graphicx}
%\usepackage{caption}
%\usepackage{subcaption}% not needed in this example
\begin{document}
\begin{figure}[h]
\centering
\includegraphics[alt={Alternative text},width=\textwidth]{example-image}
% \alt{Alt text}
\caption{My caption}
\label{fig1}
\end{figure}
\end{document}
However, I can't test it, as my installation may be incomplete (or I entered a stupid mistake too early in the morning), concluding from compile errors:
\DocumentMetadata{testphase=phase-III}
\documentclass[a4paper]{article}
%%\documentclass[runningheads,a4paper]{llncs}
%\usepackage{graphicx}
%%\usepackage{caption}
%%\usepackage{subcaption}
\begin{document}
hi
% \begin{figure}[h]
% \centering
% \includegraphics[alt={Alternative text},width=\textwidth]{example-image}
% % \alt{Alt text}
% \caption{My caption}
% \label{fig1}
% \end{figure}
\end{document}

However, as Ulrike explains here it appears to me that what you want is just in the process of being implemented.
So in worst case you may have to drop the alt-text feature for now.
alt=is the correct thing, and should work on an updated TeX. But that alt text is not visible, and gets read by a screen reader. Is it possible you think it didn't work because you didn't see it? In which case, to echo mickep, what are you expecting to have happen? – Teepeemm Feb 19 '24 at 15:37alt=does nothing by default in latex but is used by tagpdf when creating tagged pdf and used (originally) by tex4ht when creating html – David Carlisle Feb 19 '24 at 19:39altkeys but these don't just 'appear', they are used by e.g. screen readers when speaking a PDF. – Joseph Wright Feb 20 '24 at 07:26