This indicates throttling being done by Microsoft. The Microsoft server is not able to handle the requests.
Throttling can appear as HTTP 429 errors (“Too Many Requests”) or HTTP 503 errors (“Server Too Busy”).
On or around March 24th, Microsoft posted the following notification publicly:
Many SharePoint Online and OneDrive customers run business-critical applications against the service that run in the background. These include content migration, Data Loss Prevention (DLP), and backup solutions. During these unprecedented times, we are taking steps to ensure that SharePoint Online and OneDrive services remain highly available and reliable for your users who depend on the service more than ever in remote work scenarios.
In support of this objective, we have implemented tighter throttling limits on background apps (migration, DLP and backup solutions) during weekday daytime hours. You should expect that these apps will achieve very limited throughput during these times. However, during evening and weekend hours for the region, the service will be ready to process a significantly higher volume of requests from background apps.