Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
Does your Microsoft account indicate that your Office subscription is active? Which type of subscription is it? You will need Microsoft 365 Personal, Family, or Premium to install the Office apps locally on your PC.
With the correct subscription, you should be able to reinstall Office, using your account, and activate the product. See https://support.microsoft.com/en-us/accounts-billing/subscriptions/sign-in-to-microsoft-365 .