Coming back to comment. This is now resolved for me.
For anyone that comes across this and is having the same issue and you are on a new account that has free credits assigned, you cannot deploy OpenAI. Even though I had valid billing information on the account, I needed to "upgrade" my account to Pay As You Go or a higher tier.
As soon as I did that, 1 hour later, I was able to successfully deploy.
@romungi-MSFT this is probably worth noting in the documentation somewhere.