Hi @Umair Ahmed ,
Welcome to Q&A forum!
Per my research, I did not find any official documents or announcements regarding the deprecation the MessageTrace report for Office 365.
According to discussions with colleagues, the content in this official document is just no longer being updated.
And I found this: Get-MailTrafficTopReport, please check if it helps you.
Besides, since the tag office-online-server-exchange focuses on general issues about integrating Office Online Server with Exchange Server. If you have any issues about report for Exchange later, it is recommended that you post a new question with tag office-exchange-online-itpro in this forum.
Thanks for your understanding.
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