The emails shown in the first screenshot are actually completely different from the message template in the second.
The failed emails we can see are the ‘Registration Not Approved’ and ‘Registration Approved’ emails, the template included is the ‘Payment Received’ template.
So are all the message templates setup to use the above shortcode?
Do the ‘Payment Received’ emails also fail?
The failed messages show an issue when the message was sent rather than an issue with EE generating the email so this could be an issue with your mail server, but lets work out the setup first and go from there.