Hi, anonymous user ,
Just as you say, in SharePoint Online, there is no longer public site features supported. Instead MS suggest customers to get a public website from a third party provider.
As part of the evolution of the Office 365 service, we periodically evaluate the capabilities of the service to make sure that we're delivering the utmost value to customers. After careful consideration, we concluded that for public websites, Office 365 customers would be better served by third-party providers whose core competency is public websites. Therefore, we've made the difficult decision to discontinue the SharePoint Online Public Website feature so that we can focus our efforts and investments on delivering capabilities in Office 365 that will bring more value to our customers.
Reference: https://learn.microsoft.com/en-us/sharepoint/troubleshoot/sites/public-websites-be-discontinued
In SharePoint Online we can only add guests as external users to provide them access to SharePoint Online sites.
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