The spot I applied for was selected, but why isn’t it being created? The selected spot locations are 37.231552 and 127.117538.
hello and welcome @ddo123gg
The most common reason that a wayspot doesn’t appear in the game is that it doesn’t meet the selection rules for the game.
These have been observed by the community to use mapping software called S2 cells described in this article
https://pokemongohub.net/post/article/comprehensive-guide-s2-cells-pokemon-go/
Unfortunately your accepted wayspot shares a level 17 cell with a pokestop/gym.
This means that it can’t be a stop/gym though it looks as though it may be used as a powerspot.