Microsoft 365 features that help users manage their subscriptions, account settings, and billing information.
1
If this is a first time activation of the Office apps, did you log into this link to register your Office licence/subscription on your Microsoft account.
https://setup.office.com/Home?wa=wsignin1.0
2
If you have already registered your Office licence/subscription, the product key can no longer be used, that is now a digital licence linked to your Microsoft account online, log into your Microsoft account on this link, do you find your Office licence/subscription listed there, and if that is a subscription, is the expiry date listed correctly.
https://account.microsoft.com/services/
If so, please provide a screenshot of the error you are seeing.