1. Fix the Y values. They are properly numeric, but should not look like dates and times. For example, the first Y value looks like 1/2/1900 3:25:00 AM. Somehow your actual value of 2.14 has been displayed as a date and time. Excel considers dates to be whole numbers, the number of days since the turn of the 20th century (1/2/1900 is the date form of the whole number 2). Excel considers times to be fractions, the fraction of the day since midnight. 3:25:00 AM is time-speak for 0.14.
2. Check the X values (the times). Your chart is how an XY chart looks if either no X values are specified, or if even one X value is not numeric. Excel chokes, and instead of using the intended X values, it uses the counting numbers 1, 2, 3, etc. The points are equally spaced along the orizontal axis, not positioned according to the time value
Since every data point now falls on a whole number, and your number format is a time without a date, all you see is the time, which is the fractional part of the whole numbers, or 0:00.
3. Here is my reconstruction of your chart. X axis labels are all 0:00. I've added data markers in the second chart. There are too many close together to really see the spacing, so the third chart shows only the first 1/4 of the chart (I changed the axis maximum from the automatic 200 to 50).
In the following chart, I changed the number format from time only to date and time. The first date is January 0, 1900 (or zero in date format), the second is February 19, 1900 (which is 50). In the chart below that I've changed to a General number format, so we can see for sure Excel is not considering the times in the first column as times, but instead just that the axis is counting points from 1 to almost 200.
Equally spaced data points, axis labels only show 0:00, when viewed numerically the axis ranges from 0 to 200. Excel is not properly plotting the input times. The reasons for this include (a) no x values are actually specified, and (b) one or more of the x values are text rather than numeric.
4. The first chart below has good X and Y values. The shape of the curve is different, and the x axis has reasonable labels, not all 0:00. In the second chart below, I've added markers to show that the times are correctly interpreted, and the points are not equally spaced. In the third chart, I've changed the x axis to numeric format, and we can see values ranging from 0.000 to 1.000. This is how it should look.