I normally see this error when the image dimensions are too large. Generally speaking I recommend having images less than 2000 x 2000. Larger dimensions tend to max out your memory while WordPress tries crunching your images. Basically the image editor resizes the original image into three separate images: thumbnail, medium, and large. There is no need to have images larger than most monitors anyway. Digital cameras and phones tend to make huge images that will give the Media Upload page heartburn.
Occasionally plugins cause this issue. Especially image plugins like Smush. You can try disabling those one at a time, then testing Media upload again.
The file name can also cause issues. Try using only letters and numbers or replacing special characters with “-“.
Happy Hunting!