You could follow this article to narrow down this one: Free/busy information can't be retrieved from one environment
Have a check whether Exchange on-premises Organization Sharing correct. You need configure those information below:
Domains to share with: yourdomain.mail.onmicrosoft.com, mail.yourdomain.onmicrosoft.com, yourdomain.onmicrosoft.com (If there exist customize domain, you also need to add it)
Application URI: outlook.com
Autodiscover endpoint: https://autodiscover-s.outlook.com/autodiscover/autodiscover.svc/WSSecurity
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