Solution
The issue can happen because of the corrupted niroco.exe. To resolve this issue we need to repair it via NI Package Manager. Follow the below instructions to do so:
1. Open the NI package manager and go to the installed tab. You can toggle a setting called Show full version numbers and hidden packages by clicking the gear icon in NIPM. Also keep Products only unchecked. See the image below:

2. Click on the NI-Roco (infrastructure) and click on repair.
This process should repair the software and make sure there is no corruption connected with it.