Why is the r2 square so low in my PanelOLS model? Could there be any issues with the data or the model structure?

Question

enter image description here Here is the output result of my PanelOLS model, why is the r2 square so small? Does it mean there is something wrong with my data or features or model itself?

model = PanelOLS.from_formula(formula='counts ~ 1 + confirmed_day + cured_day + dead_day + confirmed_day_mean + cured_day_mean + dead_day_mean + EntityEffects', check_rank=False, data=df_merge)
results = model.fit()
print(results)

Here is the code