Why is my robotic arm laying down in Gazebo after configure it with MoveIt Setup Assistant?

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I am very new to ROS and all the tools surrounding ROS. Currently, I am trying to setup a franka emika (panda) robot arm using moveit setup assistant. After that, I just wanna launch the robot in the Gazebo simulation using the command

roslaunch package_name gazebo.launch

However, as you can see below, the robot collapse when spawned.

Here are some of the messages capture in the terminal (shown in the picture below):

I have gone through past questions on similar problems online, but it seems like the files generated from the setup assistant is a little different, hence I wasn't able to locate what are the mistakes.

Below also I will attach the code for the robot urdf:

panda_arm.urdf.xacro:

   <?xml version='1.0' encoding='utf-8'?>
<robot xmlns:xacro="http://www.ros.org/wiki/xacro" name="panda">

  <xacro:arg name="arm_id" default="panda" /> <!-- Name of this panda -->
  <xacro:arg name="hand"   default="true" /> <!-- Should a franka_gripper be mounted at the flange?" -->
  <xacro:arg name="gazebo" default="true" /> <!-- Is the robot being simulated in gazebo?" -->

  <xacro:property name="arm_id" value="$(arg arm_id)" />

  <xacro:unless value="$(arg gazebo)">
    <!-- Create a URDF for a real hardware -->
    <xacro:include filename="$(find franka_description)/robots/panda_arm.xacro" />
    <xacro:panda_arm arm_id="${arm_id}" safety_distance="0.03"/>

    <xacro:if value="$(arg hand)">
      <xacro:include filename="$(find franka_description)/robots/hand.xacro"/>
      <xacro:hand ns="${arm_id}" rpy="0 0 ${-pi/4}" connected_to="${arm_id}_link8" safety_distance="0.03"/>
    </xacro:if>
  </xacro:unless>

  <xacro:if value="$(arg gazebo)">

    <xacro:arg name="xyz" default="0 0 0" />
    <xacro:arg name="rpy" default="0 0 0" />

    <!-- Create a simulatable URDF -->
    <xacro:include filename="$(find franka_description)/robots/utils.xacro" />
    <xacro:include filename="$(find franka_description)/robots/panda_gazebo.xacro" />

    <xacro:panda_arm arm_id="${arm_id}" />

    <xacro:if value="$(arg hand)">
      <xacro:hand ns="${arm_id}" rpy="0 0 ${-pi/4}" connected_to="${arm_id}_link8" />
      <xacro:gazebo-joint joint="${arm_id}_finger_joint1" transmission="hardware_interface/EffortJointInterface" />
      <xacro:gazebo-joint joint="${arm_id}_finger_joint2" transmission="hardware_interface/EffortJointInterface" />
    </xacro:if>

    <!-- Gazebo requires a joint to a link called "world" for statically mounted robots -->
    <link name="world" />
    <joint name="world_joint" type="fixed">
      <origin xyz="$(arg xyz)" rpy="$(arg rpy)" />
      <parent link="world" />
      <child  link="${arm_id}_link0" />
    </joint>


    <xacro:gazebo-joint joint="${arm_id}_joint1" transmission="hardware_interface/EffortJointInterface" />
    <xacro:gazebo-joint joint="${arm_id}_joint2" transmission="hardware_interface/EffortJointInterface" />
    <xacro:gazebo-joint joint="${arm_id}_joint3" transmission="hardware_interface/EffortJointInterface" />
    <xacro:gazebo-joint joint="${arm_id}_joint4" transmission="hardware_interface/EffortJointInterface" />
    <xacro:gazebo-joint joint="${arm_id}_joint5" transmission="hardware_interface/EffortJointInterface" />
    <xacro:gazebo-joint joint="${arm_id}_joint6" transmission="hardware_interface/EffortJointInterface" />
    <xacro:gazebo-joint joint="${arm_id}_joint7" transmission="hardware_interface/EffortJointInterface" />

    <xacro:transmission-franka-state arm_id="${arm_id}" />
    <xacro:transmission-franka-model arm_id="${arm_id}"
       root="${arm_id}_joint1"
       tip="${arm_id}_joint8"
     />

    <gazebo>
      <plugin name="gazebo_ros_control" filename="libgazebo_ros_control.so">
        <robotNamespace>${arm_id}</robotNamespace>
        <controlPeriod>0.001</controlPeriod>
        <robotSimType>franka_gazebo/FrankaHWSim</robotSimType> ...