I had to uninstall and reinstall my TM with the Airport Utility and wait with Prepairing backup for 5 hours before it finally started and then the first sequoia backup took 7 hours to complete.
Some things I did notice, one, the new TM backup hates a Ethernet connection and actually disconnects the TM and fails after about an hour. 2. Using Wifi I turned off the Private Wifi Setting (got a warning) and disconnected the Ethernet cable. This seems to work since the MAC address rotation is turned off, which why in the hell Apple came up with that brilliant plan makes no sense to me since I limit my router access via MAC address and now that doesn't work after each reboot of my iMac.
This is getting so tiresome, not to mention that here in Germany they Gendered the computer with word phrases that aren't listed in any dictionary. To vent a little, this is my last Mac and as soon as it dies I will be switching permanently to linux