Defrag, No Changes, Defrag Again. Why so Long?

I have a backup process that includes a dump of one of my backup drives to another drive on a monthly basis. I write the entire drive to a dated folder on the second drive. Periodically, I delete the older snapshots as space as needed.

Last week, I set up a new drive for this, and copied the backups over to a folder. I then Defraggled. Last night for giggles, I ran Defraggler on the same drive. Nothing has changed on the drive. No settings in Defraggler have changed. The only thing on the drive is the folder of backups that was put there last week. Defraggler has been running all night, and now still says Time Remaining: > 1 day.

How is this possible?

freespace consolidation?

Do not ever defragment backups. You could mess something up and it's not even needed at all. It's probably as Nergal said.