Maybe because the link is missing?
Check the Links panel.
It can also be on a hidden layer.
An additional note:
In the screenshot on the left, some fonts are also missing.
And is probably in CMYK transparency mode. The colors clearly lack brilliance.
I would guess that the photo is just not included in the artwork. You are supposed to insert your own picture there.
Delete that grid and then place a photo there. Did you license it because of the photo? Did the description suggest that the photo is included?