Cannot get entity form to display date field value

I have an entity with two date fields. In the code that saves the entity, is:

$date_requested = date('Y-m-d', time());

and in the list of field values that get added to the entity:

->set('field_date_requested', $date_requested)

In inspecting the db, the table contains:

bundle | deleted | entity_id | revision_id | langcode | delta|field_date_requested_value
+-------+---------+-----------+-------------+----------+------+--------------+
| my_bundle |       0 |         4 |           4 | en   |    0 | 2022-05-26       

But when I edit the entity, I see this:

If I insert the date using the same format as the placeholder, it is in the db with that format, but still does not display. If I enter the date in the entity form manually (which requires it to be m/d/Y), it displays when edited again, in that format, though I see no difference in the value subfield in the db.

When storing datetimes in the database, you should use DateTimeItemInterface::DATETIME_STORAGE_FORMAT, which is Y-m-d\\TH:i:s. If you store it in a different format, Drupal will fail to process it correctly.