Short answer
HubSpot's KB: a Not sent email never leaves HubSpot, unlike a bounce; HubSpot blocks sends likely to fail to protect your reputation. Reasons include inbox authentication failed (reconnect), a provider send limit, and recipient looks invalid after earlier bounces.
1. In HubSpot
The relevant screen in my demo portal.

2. Worth knowing
Read the specific reason first; each one has a different fix.
3. Related
Bounces and send limits.