I too had this issue.
I updated to High Sierra yesterday and today started backup which was quite painful, as first it took time machine hours to prepare backup and then years to back up for just 125 GB backup..which never happened. Even formating the external drive for time machine.
I have a MB Pro early 2015, with Bitdeffender Anitivirus as well as Malwarebytes installed on it.
I disabled both and stopped indexing of the backup drive.
Started manual backup and it was quite pretty to see it tugging along at good speed.
Now it is showing about an hour for backup to complete.
May be it is because of the first back up as I had previously erased the disc.