It's not the hardware of the source device because the affected photos came from several different sources: iPhone 6S, iPhone 5, digital camera, and off the internet.
Performed an Apple Hardware Test and the only issue it detected was "4M0T/4/40000002 Exhaust-0" which should be unrelated to the problems with Photos.
I ran Disk Utility First Aid several days ago and it didn't find anything wrong with the 500GB SSD of the laptop (where my Photos Library now resides), however, Disk Warrior did find some corrupted volume information, which I had it fixed. However, I originally had my Photos Library located on a traditional hard drive installed in the CD drive location (via adapter frame) because there wasn't enough free space on the SSD drive at the time for such a large library, and only now ran a Disk Utility First Aid which came across minor volume bitmap errors that it corrected.
I had installed this dual-drive setup roughly 6 months ago, which seems to coincide with the majority of the affected images.
So perhaps corruption of the Photos Library occurred while it was on the hard drive; I just copied over that library to my SSD after freeing up space, which is also the reason why I started deleting unneeded images from the library on the SSD drive to regain more free space which led me to my original problem of Photos not freeing up any such space after thoroughly deleting a large number of images.