That IP address is a Multicast address.
EtherNet/IP originally used only Multicast addresses, so that you could implement fast listen-only I/O connections. The downside of multicast is that you need managed switches with IGMP group management (typically "IGMP Snooping" to constrain the multicast traffic to the appropriate switch ports. If you use unmanaged switches or don't set up your infrastructure correctly, the multicast traffic gets multicasted across the network and can negatively impact other parts of the system.
Enough users stubbornly refused to install proper Ethernet networking that Rockwell switched to allowing Unicast addressing as an option (P/C in v16, I/O in v18), then making that option the default in v20.
Look for I/O modules (there are some 3rd party ones I saw in your screenshot) that don't support Unicast, or might not be configured for unicast.