There isn't a "perfect" solution.
One option is to abandon the hole and drill another hole through the metal bracket, through the concrete.
If that's not an option then the existing hole has to be reused.
You can try to get the same screw to bite by using some electrical wire, or tooth picks or zip ties. Kind of a hit and miss. More likely to work on solid concrete less likely with a block.
If it's not a block you can try a longer tapcon like instead of 1-1/4 try a 1-3/4 or 2-1/4.
You can also try a bigger screw. A 1/4 tapcon require a 3/16" hole. Simpsons make a concrete screw that is slightly bigger and uses a 1/4" hole. That may work on your oversized hole.
They also sell hammer set nails, Red Head makes one for 1/4" holes. That may work too. Of all the methods listed this is the one I have had the most success in fixing a spinning tapcon on a concrete block.
Or further enlarge that hole for a 1/4" lead anchor, and use a 1/4" bolt into the anchor instead.
Or use epoxy, real epoxy not JB Weld, it's expensive though. $20+ for one hole ouch...of course you can save it for future use but I have never been able to save a double tube epoxy once opened it gets messy.