Backups not available in Time Machine, but visible in disk's backupdb folder I'm running 10.15.4. I've got Time Machine enabled and backing up to a 2Tb external drive with over 1Tb free (Mac OS Extended (Journaled)). It's been running for months.

But when I "Enter Time Machine" via the menu bar I can only view my backups from today and yesterday. Before that my "latest" backups is 5 months ago. I actually suspect that the visible backups from today/yesterday are local snapshots and not actually on my disk at all (as I can see these while the disk is disconnected). 

When I open the actual disk I can see my Backup.backupdb which contains visible hourly snapshots.

If I remove the disk from TM and try to re-add it, it now says there's no "latest" or "first" backup on the disk. 

How can repair this?
My oh my. I started playing around with tmutil and it looks like somehow, my entire home directory was added to the exclusion list. I have no idea how it happened but glad to have noticed it now rather than later.