I'm currently running into the same issue with one of our users.
Currently only a small handful of us (that I'm aware of) are using the preview. Myself & the user are both using emails from multiple tenants. For me it's 3 M365 accounts (and a gmail) and for him it's 4 M365 accounts, one of which is through GoDaddy, (and a gmail).
In our case, all of my accounts work. My accounts are licensed as MS Business Premium (x2) and Exchange Online 1 (x1). For my user, his WERE originally MS Business Premium (primary tenant) (x1), Exchange Online 1 (x2), and for the fourth tenant I don't have access but strong assumption he has MS Business Standard on that one. In his case, Tenant #1 (ms bus premium) and tenant #4 (godaddy, probably ms bus standard) function but the two exchange online accounts would not connect, claiming this same error. To clarify - my EO1 accounts DO work, and I changed his EO1 to an MS Business Premium license (upgraded him) and it did not change whether or not we could log into that account.
So it doesn't appear to be specific to licensing because it's not causing the issue for me & not resolving it for him. In both cases the master account was in our primary tenant which is MS Business Premium licensing. I am the admin in 3 out of the 4 tenants in question, and have not set anything to prevent users from using the preview. Additionally, no users have a flag set for OneWinNativeOutlookEnabled, however in testing I set this to true & it also did not resolve the issue.
Any input would be greatly appreciated.