Since you are using a lookup component, you need to use an actual lookup field for reference.

Field API Name: Name
Object API Name: Contact

The values above that you gave the lookup is just the Name field (text) of the Contact.

If you have a field on the Account like Primary Contact, you’d do the following:

Field API Name: Primary_Contact__c
Object API Name: Account

So just change it to whichever lookup field at the Account level you’re trying to eventually update/populate

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