Monterey Time Machine not working

Immediately after upgrading from Big Sur to Monterey on my M1 MacBook Air, most of my Time Machine backups stopped working. I have one backup going to a network drive, the other four go to locally connected USB drives that are rotated between locations. Only a single one of the USB connected drives continued to work all the others show the same symptoms:

The backup starts and then appears to work fine (giving me number of bytes backed up and a time estimate of what's left), and it gets almost done, according to the progress bar, and then it just stops. No errors are displayed, it just stops. When I open the time machine control panel it just shows the last backup as the one immediately before the Monterey upgrade.

I took one of the offending drives and erased it using the disk utility, then removed and re-added it as a Time Machine volume. Time machine picked up the drive and began backing up to it and appeared to back up nearly the entire machine (~600GB worth). When it was almost done (just a few minutes left, according to the progress bar), it just stopped. Relaunching the backup on that drive will cause it to back up a gigabyte or so and then it just stops when almost done.

Any assistance would be appreciated as only one backup is happening. Thanks