According to Splunk currently this is a known for issue Exchange (Other related Office 365 services) see in post in Splunk forum.
If further details needed see in Splunk forum/support.
As some suggestions have been added there for workarounds and mitigation for Splunk users.
Issues fetching Exchange Online message tracking logs (HTTP 401 Client Error) since 1.4.2023
Release notes for the Splunk Add-on for Microsoft Office 365
UPDATE: According to 3rd party Forum see below.