I was having the same issue. (Error 0x8007016A) 🙄
I Googled this and this thread came up.
Tried all the suggestions but I couldn't find the "settings" or nothing popped up for me when I clicked on the taskbar area, etc etc etc.
(Windows 10, on an old Dell XPS 13, yes updated.)
However, I went to "Start" > (scroll down to) "Settings" > "Accounts" > "E-Mail & Accounts".
I simply clicked on the Microsoft Account associated with the OneDrive account that I was having problems with.
I clicked on the "Manage" tab.
It had me do the annoying re-log in (etc etc) via Authenticator App, or e-mail/phone verification (etc etc).
(However you have it personally set up.)
That seemed to work. 👏
I ALSO went to the "Your Info", at top-left.
I saw something like "verify account". I did. (I can't remember the exact wordage.)
I verified via more authentications/verifications.
Seemed to work for me. I was able to access my OneDrive account that was giving me that FRUSTRATING error.
Hope that helps somebody out there! 😃