Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
I had tried the uninstall and reinstall some time ago with no success, but your message made me try it again since it worked for you. After uninstalling and rebooting, I installed from the MSI and activated. I then hit Update Now and it worked, bringing me to the current version. As a final test, I hit Update Now again and the error is back.
I think we will have to wait until the next update to see how serious this is. I suspect that an Online Repair may be the only way to update Office until someone finds the cause of this issue.