This happened to me - on two MBL’s - the WD Quick View icon was flashing red in the task bar - indicating drive was overheating.
The drive was not even spinning (sleeping - blue LED) and was cool to the touch. Upgrading to the latest 02.02.02-020 firmware resolved the issue. I cannot remember whether there was also an update to the WD Smartware as well.
In my case - I was still able to connect to the drive - despite the HOT warning.
However - you do need to physically inspect the drive to ensure that this is a false warning - by checking to see that is in an upright position - not hot to the touch - and has plenty of air flow space around it.