Using classic Outlook for Windows in business environments
What version is your Office 2016? If it's not close to mine go to Windows Update > Advanced Options, and enable "Microsoft Update", Win11 setting below. This will ensure you have the latest Office updates.
Check if you have this registry key set that tells Outlook to connect with Modern Auth. Its not normally needed but worth trying, How modern authentication works for Office 2013 and Office 2016 client apps - Microsoft 365 Enterprise | Microsoft Learn.
HKEY_CURRENT_USER\SOFTWARE\Microsoft\Office\16.0\Common\Identity\
Dword:EnableADAL
Value:1