Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
If you previously had Office 2016 installed on a different computer, you can't use the product key again. You have to install using your associated Microsoft account; go to https://account.microsoft.com/services.
Note that phone activation may be required. In that case, try the phone number for your region from the article at https://support.microsoft.com/en-au/office/-telephone-activation-is-no-longer-supported-for-your-product-error-when-activating-office-9b016cd2-0811-4cb3-b896-5a6a13177713 .