This error is due to throttling on AWS side. Unfortunately, there isn't a way to raise the exceeded throttling rate through AWS. The next best option is to utilize Kinesis Firehose ingestion into Splunk.
See this answer for throttling: https://answers.splunk.com/answers/482689/splunk-app-for-aws-getting-throttling-errors-for-a.html
Kinesis Info: https://www.splunk.com/blog/2017/11/29/ready-set-stream-with-the-kinesis-firehose-and-splunk-integration.html
https://www.splunk.com/blog/2019/02/21/how-to-ingest-any-log-from-aws-cloudwatch-logs-via-firehose.html
https://aws.amazon.com/blogs/big-data/power-data-ingestion-into-splunk-using-amazon-kinesis-data-firehose/
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