Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
If your version of MacOS is Big Sur (11.7.11), then the error you are seeing is caused by an update on the 13th of July, many people are seeing the exact same error, if you are unable to upgrade your MacOS to a newer compatible version, your Office apps will go into Read Only mode, on the link below they provide full details on that update.
If you are unable to upgrade your MacOS version to 12 or greater, then the only option available would be to use the free online version of the Office apps in a web browser.