Thank you for getting back.
Currently VPN Gateway doesn't support changing the primary public IP address after creation this is documented here.
Although unfavorable I think the solution here will be to create a new gateway with the desired Generation and SKU size combination and assign the already created IP address to it.
If you wish to troubleshoot this issue further, I think it will be better if you can file for support request. Where a support engineer can have a screen share session to pinpoint the issue. If you have a support plan you may file a support ticket, else could you please send an email to azcommunity@microsoft.com with the below details.
Subject : Attn Chaitanya
Thread URL: Link to this thread.
Subscription ID
Please let me know once you have done the same. Thank you!