Using older versions of Outlook for Mac in business environments
I'm having the same problem. We're using self-hosted Exchange, not Office 365. The certificate that appears is the SSL certificate for the company that hosts the web site for my root domain. It is not a certificate for my Exchange servers.
When I do a Wireshark packet capture, I can see that Outlook is attempting to contact the root domain (example.com). This happens on every launch, even though I've manually configured the account to connect to my exchange servers (outlook.example.com). When I click CANCEL on the SSL trust screen, it establishes TLS to the correct server.
Note that we have our autodiscover.example.com domain setup correctly and Windows clients are working properly. The Wireshark capture does not show an attempt to lookup autodiscover, it only shows a query to the root domain.
In reply to the community moderator advising people to "Always Trust", this is horrible advice. In my case, I would assume that once the SSL connection is successfully established, Outlook would potentially transmit my credentials. In my case, since I don't trust the people who host my company's public web server with my credentials, this would be very bad.