Just to let other people know, this process could take very, very long. My 100 GB AMI takes like 2.5 hours to create and the progress bar jumps from 0 to 100 directly after that. So don't worry.
This answer pertains to a retirement situation where there is potentially a hardware failure for an instance with a EBS root volume. In this situation, AWS recommends creating an AMI of the instance to be retired, and starting a new instance from this AMI. In my situation, the instance was not responding before starting the AMI creation process.
The AMI creation step failed to complete after >8 hours.
I next tried stopping the instance. This also failed to complete in >10 minutes, so I tried force stopping the instance (by issuing the stop command again). The force stop did complete after a few minutes. After the instance was stopped, the AMI creation succeeded in <10 minutes.
It fully depends on the disk size that is attached to the es2 instance.
But one can check the progress of the AMI backup job by checking the EBS snapshot, as it will also take a snapshot of the attached EBS. Once taking a snapshot is completed, it will show Available(100%), before that it will show Unavailable(X%). Once it's become Available(100%), AMI backup will complete.