I suspect that you are out of space. I'm not sure how much space on the disk Time Machine needs just to function, and 100 GB might be the minimum given your disk size -- I have a 8TB external drive with 400 GB free and get a messages constantly that there is not enough space. Same experience, I now only see 1 backup (not weeks, months, etc.) as my disk is full and the content I'm backup up is quite large. So, I still think it's working properly. You could get a larger drive and backup or wipe your current backup disk and start over and see what happens if it is a concern.