Is there any library / way to create something like Event Bus in Jetpack Compose

What do you mean by Event bus?

I tend to think the methods on your state object and the propagated state render an event bus redundant

An event bus is really just a pattern you can implement a number of ways, with or without compose. If you want an event bus, you don't need anything special for compose. But in my experience they tend to make code harder to maintain, so I would avoid.

Is there any other way to notify the UI about let's say token expiration after a network response with 401 code. I want to be able to log out the user, and i though doing it with an interceptor (using okhttp) would be better than writing it with each request made.