The butter was too warm
CommonButtercream is fat holding air and, in some styles, water. Butter holds that structure only while its crystals are intact. Warmed past its plastic range the fat softens, the trapped air escapes and any water separates, so the buttercream goes soupy and looks curdled. It is a temperature fault rather than a mixing fault, which is why beating it further makes it worse — friction adds more heat.
What to change
Chill it, then beat it back together
Refrigerate the whole bowl until the edges firm, then beat again. The emulsion generally re-forms. Beating a warm buttercream for longer without chilling makes it worse, because the friction adds heat. If it is too cold and looks curdled in the other direction, warm a small portion and beat that back in.
Any butter-based buttercream that has gone loose, soupy or separated. Not a fix for grittiness, which is a sugar problem rather than a temperature one.
Trade-off: Costs twenty minutes, and very warm kitchens will undo it again.