I was recently working with a client and SCCM failed with Media Creation Failed with Error Code -2147212243.
when we tried to create a bootable New Media Device using the Configuration Manager Console.
The CreateTsMedia.log file which is stored at %SCCMInstallDir%:\Program Files\Microsoft Configuration Manager\AdminConsole\AdminUILog\ is the first place to start and as you will see it's pretty self explanatory that the machine is having issues formatting the USB stick. Perhaps in this instance there was an additional layer of complexity as the USB stick was being emulated into a Virtual Machine running on vSphere.
We tried changing the USB stick and retrying the task and it completed successfully.