However, this "bug" seems to appear only with a USB-C drive connected directly to the iMac Pro - I have two time capsules connected along the way in my network and a 3Tb external hard drive connected directly to one of the time capsules via USB-A, and neither time capsule nor the other external USB-A drive exhibit this behavior. All the backups on the other devices are also encrypted and do not seem to exhibit this behavior of getting "stuck" at the % if encryption.
By the way, another issue I observed, was that when a USB-C external drive is connected to a time capsule via a USB-C to USB-A adapter, the entire time machine process freezes on the time capsule itself - so the heart of this issue may have to do with an inability of the time machine software to communicate properly across USB-C.
The question on the USB-C drive is whether the encryption itself is being held up or just the monitoring of the encryption progress. Because I was hearing something going on within the USB-C drive (encryption sounds?) even when there was no backup in progress, and now I hear nothing, I do assume that encryption is long complete and that it was probably a "reporting of progress" issue versus that encryption simply wasn't happening. But in my case, if I hadn't done the repeated disk first aids and restarts I don't think my encryption progress would have moved past 0%.
Only other thought I had - I am running an iMac Pro and I notice that the 4Tb SSD on this is APFS encrypted. However, since I am running Mojave 10.14.6 and have not moved on to Catalina yet on this particular machine, I chose to format the external USB-C drive with Mac Extended Journaled / GUID before the Time Machine backup and encryption.