My Mac mini 2018 (Intel i7, 32 GB RAM, 256 GB flash storage) has been displaying this exact same issue while running macOS 12.1; updating to macOS 12.2.1 has not resolved it.
My Samsung X5 external SSD ejects multiple times per hour when it is connected to the Mac mini. My Photos Library is stored on this device, and has started to show signs of corruption because of this issue.
Here's System Information on the X5 drive, if that helps :
Portable SSD X5:
Vendor Name: SAMSUNG ELECTRONICS CO., LTD
Device Name: Portable SSD X5
Mode: Thunderbolt 3
Device ID: 0x4000
Vendor ID: 0x175
Device Revision: 0x1
UID: 0x01756A022948C600
Route String: 1
Firmware Version: 35.1
Port (Upstream):
Status: Device connected
Link Status: 0x2
Speed: Up to 40 Gb/s x1
Current Link Width: 0x2
Link Controller Firmware Version: 0.36.0