Same issue here.
I opened a conversation through the chat function with Microsoft (followed instructions on page 1) and they told me to follow the steps in this link:
https://support.microsoft.com/en-us/office/office-for-mac-repeatedly-requesting-keychain-access-ced5a09c-3099-47cb-9190-e961bf63e240
Haven't tried it yet but thought I'd share first and hopefully it will work for you guys.
UPDATE: The woman I was speaking to on Chat earlier was the general Microsoft Support. She put me through to Microsoft Office Support who suggested the following steps:
First quit all the office apps opened on your Mac.
Then after that do follow this step.
open FINDER > APPLICATIONS > UTILITIES > KEYCHAIN ACCESS. look for exchange.
Locate SharePoint cached credential entry and delete it.
Remove the following password entries: Microsoft Office Identities cache 2 Microsoft Office Identities settings 2.
After that restart your device.
NOTE: I couldn't find exchange or any of the entries mentioned above, so she asked me to search for 'Microsoft' in my Keychain Access, and delete all microsoft entries (excluding Certificates which you can't delete). Then restart device.
Finally, she said "if the issue still persists you need to contact apple support this is about apple developer issues."
Good luck people :)