Using the New Outlook for Mac features in business environments
Could you please confirm whether you can access your mailbox successfully using Outlook on the web (OWA)? If you can access Outlook on the web, please let me know. This will help determine whether the issue is specific to the Outlook app on your Mac or related to the ongoing incident.
There is currently an incident (EX1464935) related to this issue. Microsoft is investigating the incident, and no action is required from your side at this time.
If you have an admin role, you can find more details in the Microsoft 365 admin center: admin.cloud.microsoft/#/servicehealth/:/alerts/EX1464935. If you do not have admin access, you can contact your IT administrator and ask them to keep tracking the incident.
You can also check the Microsoft service health status for the latest information.
Thank you for your understanding.