If everything in the two articles I sent does not help, then unfortunately, it probably means your drive should be erased, or the drive is failing.
Please, backup ALL DATA as this will delete EVERYTHING:
- Go to Disk Utility (Finder > Go (at the top) > Utilities > Disk Utility) and open it.
- Choose View > Show All Devices.
- In the sidebar, select the "top level" storage device you want to erase in the "External" section of Disk Utility. Its name will end in "Media." Then, click the Erase button.
- For Time Machine in Catalina and earlier, use Mac OS Extended (Journaled). For Big Sur and later, use APFS. For BOTH, use GUID Partition Map.
- Click Erase.
- Setup Time Machine again. (System Preferences > Time Machine)
- Try again.
Let us know how it goes!
Cheers,
Jack