Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
This issue was happening on multiple machines, and I noticed that it was not occurring on my machine, I observed that on the affected machines the office applications were up to date on the latest release. I then proceeded to update office apps on my machine to the latest release and the issue then started to occur on my machine. I am guessing something about the latest office release is causing the issue.
I followed these steps on my machine to roll back to a previous version and it appeared to resolve the problem.
How to revert to an earlier version of Office - Microsoft Support