This sensor is there to check the efficiency of the cat so this could indicate a faulty cat or the sensor could be bad. You will need hands on testing to be sure. Here is a link to find a shop neary you.
https://repairpal.com/repair-shops
Alex
RepairPal Certified shops can diagnose and repair your 2007 BMW 328xi. They provide transparent pricing with a minimum 12-month or 12,000-mile warranty on repairs and services.