Unfortunately, the code snippet alone is not enough to let us debug this with you. There is a lot of project context missing that may interfere with the function you shared.
Past experience tells me that the API endpoint may be part of the problem. The environment variable could be misconfigured or the endpoint might be throwing errors. Using a try/catch statement and console.log() to check the returned data would be a relatively quick way to determine what’s returned from the endpoint. Then you can check the logs for errors.
You can also check the headers for a HIT or MISS that can give you more clues. And you might want to try a shorter time period for revalidate while you’re working out what’s wrong. The example you shared would stick around for a quite a while.
If you share a minimal example repo, we will be better able to see the same thing you do.