I'll restrict to a curve of equation $y^2\equiv x^3+ax+b\pmod p$ with prime $p$.
For a given integer $z\in[0,p)$, consider the number of integer solutions $y\in[0,p)$ for $y^2\equiv z\pmod p$. By Euler's criteria, there are
- $2$ for $(p-1)/2$ values of $z$ known as quadratic residues modulo $p$ (those with $z^{(p-1)/2}\bmod p=+1\,$). Notice that if $y$ is a solution, that $p-y$ is another.
- $1$ if and only if $z=0$. That solution is $y=0$.
- $0$ for $(p-1)/2$ values of $z$ known as quadratic non-residues modulo $p$ (those with $z^{(p-1)/2}\bmod p=p-1\,$).
Under the first order approximation that one of the question's $m'$ for a certain $i$ yield $z=(m'^3+am'+b)\bmod p$ with probably of falling in either of the three cases mostly like for a random $z$, it would follow there's a solution $y$ making $(m′,y)$ on the curve with probability $\frac12+\frac1p$ (corresponding to the cases of $2$ or $1$ solutions). That probability converges to $\frac12$ for large $p$. Under the assumption that the probability is mostly independent for consecutive $i$, that yields probability near $\left(\frac12\right)^k$ of not finding a solution after trying $k$ values of $m'$, as asked.
This yields the correct result, but is far from rigorous. In particular, should we look at it closer, for curves of cryptographic interest, values of $a$, $b$ and $p$ are such that the case $(x^3+ax+b)\bmod n=0$ happens for no value of $x$. And the number of integers $x\in[0,p)$ such that the integer $z=(x^3+ax+b)\bmod n$ is among the cases with $2$ solutions is $(n-1)/2$, where $n$ is the order of the curve (that is the number of points on the curve plus the point at infinity), not $(p-1)/2$. However, by Hasse's theorem, $\left|n-1-p\right|\le\sqrt p$, thus $n/p$ converges to $1$ when $p$ grows, thus we have, rigorously now, a probability converging to $\frac12$ for large $p$ and random $i$. I know no proof that the probability is mostly independent for consecutive $i$, but that works well in practice.