SharePoint Online Photos Not Showing in List

I have a list with a hyperlink column that displays a photo in the list.

The url is in the following format:

https://mysite.sharepoint.com/:i:/r/SiteAssets/Photos/image.jpg?csf=1&e=L9HSvA 

This used to display fine but now it is not working all of a sudden.

Instead it is shows the url path instead of the image.

If I click on the link the image opens without issue.

What would cause this to happen?