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You need a rivnut with a serrated shoulder so it grips the hole, plus the hole you drill for the rivnut needs to be the correct drill size, the rivnut just barely fits in it. Try this with another rivnut clean the hole, and make sure there is no oil in it, and put RED LOCTITE on the rivnut before putting it in and crimping it, let it cure for 4 or 5 hours and give it a try ... but if the hole you drilled is too big it's not going to work.

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This, plus there are different inserts for different thickness metals, and different for aluminum than steel.