A family of Microsoft presentation graphics products that offer tools for creating presentations and adding graphic effects like multimedia objects and special effects with text.
Conor (and all the other folks who've been having trouble with this missing feature):
TL;DR: Those of us with regular Office subscriptions cannot use this feature.
Microsoft has done a less than stellar job of explaining the new CoPilot feature and which versions of Office get what features.
The ability to create a presentation from a Word file is only available to users who:
a) Have an ENTERPRISE license for Office 365, and
b) Whose enterprise bosses have paid the $30/month per user fee for CoPilot
The *specific* name of the required product is "Microsoft Copilot for Microsoft 365" as distinct from CoPilot or CoPilot Pro.
Here's a page that explains the requirements:
https://learn.microsoft.com/en-us/microsoft-365-copilot/microsoft-365-copilot-requirements