I had this issue and couldn't find anything then stumbled accross the below website which shows how to remove it and its worked - https://superuser.com/questions/1763932/how-do-i-get-rid-of-the-external-label-in-outlook
As the label is only applied to the "From" column and not to the actual Sender value, you can get around this by simply defining your own column to replace the default.
Right click the header of your inbox and open the View Settings. Go to Columns, New Column, set Type to Formula and then enter [From]. You can also add this or other fields from the full editor. (It also supports functions so if the label is every applied to the field itself in a future update there might still be ways to remove it.)

Make sure to add the new column to those shown and move it up to where "From" now is. Remove the original "From".
Close the dialogs and enjoy your inbox free from external hand-holding.

Disclaimer: as you're not breaking anything, just changing a display screen I can't think of an IT policy this would actually violate. But you make this modification at your own risk. And be perhaps doubly cautious when opening external emails.