Additional features, settings, or issues not covered by specific Microsoft Teams categories
Having this problem on MacBook Pro 16" (2019) as well.
I suspect a bug in Teams. Camera works in programs like Zoom but not in the desktop version Teams. But you can open a meeting link, then close the desktop version. On the meeting forwarder page choose the browser version. This might allow a working video call with no problems on outgoing video.
Alternatively go to https://teams.microsoft.com/ for the browser version, continue from there (video calls are possible in the browser version).