OMG! Mine is working too @2022Iggy!
I followed your instructions and updated to Outlook for Mac 16.61 (through the Beta Channel) and I am on Monterey 12.3.1.
I executed these 3 commands to delete the spotlight index and recreate it, waited overnight, and bam it works now!
sudo mdutil -Ea
sudo mdutil -ai off
sudo mdutil -ai on
Topic:
App & System Services
SubTopic:
Hardware
Tags: