I was able to fix this issue by disconnecting the Work account from windows and then reconnecting it. I was receiving the exact same error message and I had tried clearing the TPM and other fixeswhich did not work.
Below are the steps used to remedy the issue:
Navigate to the “Accounts” section of the Settings app and navigate to the “Access work or school” page. Click the account you want to unlink and press the “Disconnect” button. Follow the prompts to complete the account removal process.
Navigate to the “Accounts” section of the Settings app and navigate back to the “Access work or school” page. Click the “+” icon to associate an account.
Enter your credentials and wait for the process to complete.
Launch Outlook (2016, 2019, 365) and all should be functioning properly.