Outlook 2016 with Office 365 account keeps prompting for password. After entering it, an error pops up "Your computer's Trusted Platform Module has malfunctioned. If this error persists, contact your system administrator with the error code 80090030. It
affects Outlook login only.

Hi
I had the same problem trying to log into Outlook and Teams. I'm set to MFA and the TMP dashboard wouldn't even load telling me to contact the vendor. I tried changing the EnableADAL, stopping and restarting then clearing the TMP and finally completely resetting
the PC - all failed to fix it.
In my case I'm using an 2017 HP desktop so I eventually went onto the HP website under the Drivers and Software updates and downloaded the newest Bios update for my computer dated 2020 and it resolved the problem.
HP Consumer Desktop PC BIOS Update (ROM Family SSID 81B3)
Just in case it helps anyone else.