PROBLEM RESOLVED:
I have a Plantronics PLT Calisto P7200 and was having the same problem with MS Teams integration. At times the mute button on the Calisto 7200 would mute/unmute in MS Teams and other times it didn't work.
When looking at the device settings in MS Teams, the Calisto showed up as two separate devices. One of the devices as the plugged in USB and the other was connecting through Bluetooth.
- Plantronics Calisto 7200 (USB)
- PLT P7200 Series Hands-Free AG Audio (Bluetooth)
(Please see image below)
If I select the first device (Plantronics Calisto 7200), the mute button on the Calisto WILL mute/unmute MS Teams
If I select the second device (PLT P7200 Series Hands-Free AG Audio), the mute button on the Calisto WILL NOT mute/unmute MS Teams

If I turn off Bluetooth on the Calisto by holding in the Bluetooth button until the blue light goes out, the problem also goes away because the PLT P7200 Series Hands-Free AG Audio device disappears from Device settings (see below)

I can assume that the function does not work when on a Bluetooth connection but does when plugged in via USB. I hope this helps.