There's no load...
That's also way too much Vgs(on) for M1. The simulation doesn't care, but don't do this with real parts.
The rise/fall times are also very poor. Not that you're running much frequency, which is part of the problem as well, i.e. the L1-C3 time constant isn't much longer than the (R1, R2)-C2 time constant.
This is also not a great topology in general. Suppose the load were shorted; the 555 should deliver almost zero duty cycle in that case, but how can it know? Even if the load current is merely varying over a nominal range, or the supply voltage, the output voltage won't stay constant, it's completely open loop.
These problems are addressed with a control circuit like this,
https://www.seventransistorlabs.com/Images/555%20Boost.pdfwhich uses the 555 as a flip-flop, and senses the switching current. Operation is similar to the UC3843 boost/flyback current mode controller.
For buck architecture, if you don't need a common-ground output, you can simply use an NMOS switch, and buck towards +V; this allows the same (555 or other) control circuit to be used. Otherwise, a level shifter (high side gate driver) is preferred. Buck regulators simply integrate all this circuitry for you.
Tim