My issue is resolved but it's not thanks to support. My entered information was correct and I had followed the outdated guide on your website. We pay for this software, the guides are outdated, everything works via AWS CLI and yet it was my fault?
This post is to help anyone else who runs into the same issue. Amazon advises to stop using ACLs and set security via IAM Policies. But that's not working for IPB as they test certain ACL permissions.
Debugging deeper.
Go to your AWS Bucket --> Permissions --> Object Ownership --> Edit --> Enable ACLs
Now I can add a new Storage Profile via IPB Admin.
This step is not mentioned in the outdated guide. https://invisioncommunity.com/4guides/advanced-options/server-management/configuring-amazon-s3-r230/