@Nina Reynolds Thank you for reaching out.
connection_failed is a platform metric. It is the Total number of Failed connections irrespective of the origin.
The consuming service could be implementing a re-try logic for handling transient connection failures.
You may want to troubleshoot further if you are seeing a high number of connection failures.
There is a limit on the maximum number of concurrent connections per SKU, beyond this limit further connections are denied and may result in failures.
We have a detailed blog post to help you troubleshoot further.
----------
If an answer is helpful, please "Accept answer" or "Up-Vote" for the same which might be beneficial to other community members reading this thread.