Failing to install module via composer

Problem/Motivation

Failing to install module via composer

composer require 'drupal/referenced_term_formatter:^1.1'
./composer.json has been updated
Running composer update drupal/referenced_term_formatter
Loading composer repositories with package information
Updating dependencies
Your requirements could not be resolved to an installable set of packages.

Problem 1
- Root composer.json requires drupal/referenced_term_formatter ^1.1 -> satisfiable by drupal/referenced_term_formatter[1.1.0].
- drupal/referenced_term_formatter 1.1.0 requires drupal/taxonomy-taxonomy * -> could not be found in any version, there may be a typo in the package name.

Potential causes:
- A typo in the package name
- The package is not available in a stable-enough version according to your minimum-stability setting
see for more details.
- It's a private package and you forgot to add a custom repository to find it

Steps to reproduce

- Visit module page and get composer command composer require 'drupal/referenced_term_formatter:^1.1'
- Run command in project
- i have also tried to run via ignore platform requirement composer require 'drupal/referenced_term_formatter:^1.1' --ignore-platform-reqs
- still same issue

Proposed resolution

Try to fix version issue