After the latest Pro update, I am no longer able to move Image files around in the TOC. I noticed that I wasn't able to add an image that I needed to georeference to the specified group I had in the TOC, but was able to drag and drop the image into the map area to have it added. However, once it was in the TOC, I am unable to move the layer within the TOC. And ideas as to why this is happening?
you have it in a group layer which is toggled off
Work with group layers—ArcGIS Pro | Documentation
you can cut and paste or copy and move it outside the group layer