A common issue in SharePoint Online is that the owners group can no longer add users or view site permissions/access requests. This issue commonly occurs if permissions have been accidentally wiped out and then re-created. Owners will typically be able to delete users from groups and see Group Settings but cannot use the New button to add users.
The root cause is that the group has lost access to the Access Requests list. When site owners lose access to the Access Requests list they receive an access denied message when attempting to access the Site permissions page and/or the Access requests and invitations page. A site collection administrator or a user who retains Full Control access to the list will need to follow the below steps to restore access.
You need to use the Internet Explorer browser for this so you can access the Developer Tools.
Microsoft Support has published the following article(s) on this topic:
https://docs.microsoft.com/en-us/sharepoint/support/Sharing-and-Permissions/request-approval-failed