That composer.json file requires the Backup and Migrate Core library which, in its composer.json file, is identified as backupmigrate/core. That library requires psr/log dev-master, while Drupal 8 in its composer.json file requires psr/log ^1.0.
Probably that library is added in that composer.json file because it's required from the Backup and Migrate for Drupal 8 module, but it's not required from Drupal core.
The Backup and Migrate Core library and the Backup and Migrate for Drupal 8 module haven't been update in at least 4 years. Probably, at the time of the last commit, the psr/log (dev-master) library didn't require PHP 8.
They should update their dependencies and require a different version of psr/log.
The Backup and Migrate module hosted on drupal.org doesn't have that problem, as its composer.json file doesn't require a version of the psr/log library different from the version required by Drupal core. The Backup and Migrate Core library is included together the module and it uses the same version of psr/log required from Drupal core.
If you need the Backup and Migrate module, you should use the version hosted on drupal.org, not the version hosted on github.com.