There must be a change in powershell or something. This error was being thrown by the following line in the powershell script to obtain the Word version installed and installation path of Word.
New-Object -ComObject word.application
I stopped using the ComObject to obtain that information and instead pulled it out of the registry with these lines instead.
$version = (Get-ItemProperty HKLM:Software\Classes\Word.Application\CurVer).'(default)'
$wPath = (Get-ItemProperty HKLM:SOFTWARE\Microsoft\Office\$version.0\Word\InstallRoot).Path