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Dear ptjeram,
Greetings! Thank you for posting in Microsoft Community.
As per your description, it seems that you are trying to paste linked Excel graphs into PowerPoint, the first one (bar chart) works fine, however, the 'Paste Link' is greyed out for the second one(histogram).
May I know if the PowerPoint file and the Excel file is located in local device? If yes, we've also done a quick test with Office version 2111, and we can reproduce a similar situation when pasting the histogram chart with" Paste Special" on our side:
If we use "Ctrl +C" and "Ctrl +V" to paste using keyboard, the pasted histogram chart is linked with Excel, below is the screenshot of our test for your reference.
Given this, we sincerely recommend sharing your valuable feedback from File >Feedback within PowerPoint. Feedback submit by this way directly goes to the related team, this is the best way to let Word developers aware of this situation, help improve the product and make it better for you and others. For your reference: How do I give feedback on Microsoft 365? - Microsoft Support.
If our understanding of the scenario is not consistent with yours, feel free to point it out. At meantime, would you please also share some screenshots with us to have a better understanding?
Thanks for your cooperation and understanding! We hope you have a nice day, stay safe and healthy always.
Sincerely,
Rhoda | Microsoft Community Moderator