USB thumb drives have a short lifespan compared to other storage mechanisms. And 16GB sounds kind of old to start with. So I reckon replacing it was your best bet.
Edit:
Even if you were able to get it working again, It wouldn’thave been reliable any way.
I have a 256MB Lexar Jump Drive plus a few 1 and 2 Gig “gimmie” drives All still work without issue. Sometimes Microsoft protests and wants to fix a drive, but I just ignore that warning and go on about my business.
Wipe the first 1M on the device using dd, and then use gparted. Example: dd if=/dev/zero of=DEVICE bs=1M count=1 (replace DEVICE). Be careful, and make sure the device is correct. This assumes there is something on the device that is confusing gparted. This may void the Transcend 5 year warranty. Is your product listed at Transcend…