Update
I turned off time machine for the disk, rebooted so it wouldn't show up a time machine disk, ran Disk Utility and it failed again. No idea if it is a disk issue or an incompatibility with my M1 MacMini.
I may try erasing it and testing again. If that doesn't help, I will contact Samsung.
In the mean time, I got a WD "My Passport Ultra for Mac" disk for a backup disk. Time Machine is starting it's first backup on that now.