How should jcarousel be installed and configured?
From looking at the code you need to put the jcarousel library here:

/libraries/jcarousel/lib/jquery.jcarousel.min.js


This means install the module as usual and then put the library like given above in the folder libraries

But it seems that there is truly a flaw in setup instructions: The module page states like this:


  Download and extract the jCarousel library to libraries folder of
  drupal root. The source code can be found here:
  
  https://github.com/jsor/jcarousel/releases
  
  the folder name you create for this will need to be "jcarousel". the
  full path should be: libraries/jcarousel
  
  and when you are done, the following path will need to be available:
  sites/all/libraries/jcarousel/dist


This is a mixup of D7 and D8 as TO already stated and in addition if you do it like so, the path given in views_slideshow_jcarousel.libraries.yml will not be available.

I created an issue to maybe get this fixed: https://www.drupal.org/project/views_slideshow_jcarousel/issues/3084864