Running validate-app gave me a proper error and I was able to resolve my issue.
xcrun altool --validate-app --type ios --file {IPA_PATH} --username "{APPLE_ID}" --password "{PASSWORD}"
** Error: Validation failed for '{IPA_PATH}'.
*** Error: No suitable application records were found. Verify your bundle identifier ‘{BUNDLE_ID}’ is correct. App Store operation failed. (-19000)
The issue in my case was that the uploader account didn't have access to our new Apple Developer Account. Hope this helps you too!
PS: In my original question I posted the wrong type it should have been ios and not tvos. The output is the same though.
Topic:
Developer Tools & Services
SubTopic:
Xcode
Tags: