Macbook Pro - "This disk has S.M.A.R.T. errors" while installing Monterey OS v.12.0.1

I'm trying to upgrade from Big Sur v.11.6.1 to Monterey v12.0.1.

MacBook Pro (15-inch, 2016)

When I download Monterey and try to install it on my HD it gives me an error message saying:

"This disk has S.M.A.R.T. errors. This disk has a hardware problem that can't be repaired. Back up as much of the data as possible and replace the disk."

My HD has been booting a bit slower than normal lately but other than that I haven't really had any issues.

Does anyone know if this error is a bug in Monterey? Hoping it's not actually my HD because I just had the HD, and all internal components replaced a year ago.