Today is March 3, 2024 and I just received a similar email (at the bottom of this thread). After reading messages on this thread I'm still quite not sure if this is a bug or a phishing email, but I'm assuming if this is a bug it should have been fixed by now, since it's been over 2 months since other users reported the same issue.
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From: iTunes Store <do_not_reply@itunes.com>
Dear <name>
On 2024-03-10 04:52:18 America/Los_Angeles you are scheduled to be charged $2.99 for iCloud+ with 200 GB of storage, but there is a problem with your payment information.Please update your payment information as soon as possible. If we cannot successfully charge your account, it will be downgraded to the free 5 GB plan and your service may be affected.
Follow the instructions below to update your billing information:

1. Go to Settings > [your name] > iTunes & App Store.

2. Tap your Apple ID, then tap View Apple ID. You might be asked to sign in.

3. Tap Manage Payments (if you’re using an older version of iOS, tap Payment Information) and follow the prompts.
You can also update your billing information on a Mac or PC.The iCloud Team