Using Classic Outlook on Windows for personal email, calendar, and contact management
I suddenly started seeing this when migrating to Outlook 365 yesterday for one sub-folder. Noticed that the tags only appeared when the "From" column was first.
Simplest solution: Demote it down the order and it disappears.
Don't know why it appears in the first instance.
A not well documented publicised feature no doubt.?
Edit:
There is this;
and I found this article:
and this:
https://o365reports.com/2021/04/27/enable-external-email-warning-tag-in-exchange-online/
This may well be where the "External" originates - someone in your organisation making changes?