I get this intermittently.
I also have a disconnected wifi icon when I am connected.
I found a dastardly dangerous hotspot filter on my machine under Device Manager, after showing "hidden devices"!
I disabled it and the icon was okay for a while.
I thought that dangerous crap was only found in Windows 101 <- NOT a typo.
Windows polls the connection settings for me.
I believe them to be correct.
It also, weirdly, now gives me an additional icon message about pressing a button on the router.
What button?
A "power"/"reset" button?
...Genius!
Sometimes it also makes me enter the password twice.
The dialogue just disappears before reappearing blank.
This occurs only after initiating a fresh connection, after deleting the previous profile.
I keep deleting the profile but, for every new instance, it eventually ends up with this issue.
I've reinstalled wifi drivers.
These drivers were never a problem before.
I've allowed a bunch of Windows Updates since.
Releasing/renewing ipconfig does seem to perhaps change the icon, but the delay is a few minutes after the renew, which is long enough to indicate a hitch/loop somewhere, which eventually times out.
The state of the connection keeps changing from "connecting" to the error of the title with a red x next to it.
I've had it where the profile is deleted but Windows still tries to connect without one and, thus, with no password.
I actually don't know where these profiles are stored so, in desperation, I looked for mention of the profile in registry but there was none.
It seems I have dual connects fighting for one connection.
This is annoying.
It's the only error I have in Windows, now that I've fixed the odd Group Policy disablement of my optical drive data/file recording through Explorer.
Power Management is disabled for my wifi but enabled for my ethernet to allow it to power down, as I don't use it because of practicality (trailing wires) around my house.