Here are the steps that seem to have fixed it for me. This was sent from a Microsoft Support tech.
Please try the following step:1. Close all Microsoft applications (such as Office, Teams, OneDrive, etc.).2. Search "%AppData%" in the Windows Search box and navigate to the Microsoft folder (C:\Users\3. Cut the "OneAuth" and "IdentityCache" folders out of the Microsoft folder and paste them onto your desktop.4. Relaunch Outlook and sign in. If the issue persists, close Outlook, copy the "OneAuth" and "IdentityCache" folders back into the Microsoft folder, and when it asks if you want to overwrite, say NO.5. Relaunch Outlook and sign in again to check if the issue is resolved.
The thing that seems to have made it work this time was finding all open microsoft office apps open even in the background and force quitting them with the task manager. I had tried it previously without doing that and it did not fix the issue.