Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
Try (re)installing or repairing the Microsoft VC++ runtime libraries. I know this sounds awkward but there are many dependencies to these libraries and if something is wrong or broken there then you can get these kinds of cryptic errors. You don't need to uninstall/reinstall - a repair usually does the job. Do this for all VC runtimes you have installed and reboot.
Awesome, the only solution that worked for me, thank you!