High Sierra also brought me Time Machine problems that required that I reformat the TM disk, note this is an internal TM disk, not USB. Still had problems with the initial backup never completing and the disk space used exceeding 2X the size of the disk being backed up.
I don't recall where I found the solution (Google), but I had to change my TM preferences under options to exclude the following folders:
~/Library/Mobile Documents
/Users/Shared/adi
I know I added the first one, but my current TM Options shows the second as well. Maybe I added it too.
After making these settings, I once again formatted the TM disk and started yet another initial backup. This time after much ado and way too much time, it completed and has been running well enough that I haven't trashed the thing.
And yes, some of the TM status reports in the menu bar made no sense at all, numbers mixing up MB and GB. It was crazy stupid.
I lost backups for two other Macs in the process and now have them backing up to a local SDHC card.
High Sierra has been a C*F* of problems.
Remember when Apple meant it just works?