Additional features, settings, or issues not covered by specific Microsoft Teams categories
My work around for Executives that need the status bubbles back in Outlook is to leave the new TEAMS experience. Once TEAMS classic is back up and running, launching Outlook will show the status bubbles again.
Other posts are pointing to an issue with the HKCU\SOFTWARE\IM Providers key; we will have to wait for the Office/Teams product groups to resolve the issue with NEW TEAMS.