If it had been working until now, it was formatted properly. The most likely explanation for that message is that the disk is operating in a state of failure.
You can try "repairing" it with Disk Utility's First Aid, but the failure is likely to occur again. The solution is to replace the disk at your earliest opportunity.
Repair a storage device in Disk Utility on Mac - Apple Support
Since any drive can fail at any time, one and only one TM backup drive isn't enough anyway. Time Machine can back up to as many hard disks as you provide.
You may wish to continue to use the one that failed in conjunction with the new one until its failures become so frequent you no longer wish to tolerate it. Once you get a replacement and are using it to create additional backups, you can try erasing the one that has failed. Then, add it to Time Machine again. It may continue to work for a long time.