Almost every email is getting skipped in a live campaign with reason 'Recipient is not deliverable'

We have a lot of skipped emails (almost every email) for a live campaign and the reason of the skip is "Recipient is not deliverable". However, when we check the profile list, all emails seems fine and are deliverable.

The campaign is launched via program and the program is triggered via a connect job. We checked all possible scenarios but we are not able to identify the issue. The campaign is still live and is getting skipped in high numbers.

Has anyone encountered any similar issue. Please help me with the solution.