I've just updated to the latest Outlook version 16.57 and the search function works with my Exchange account, but only if i change to the new Outlook, the old Outlook still doesn't work. Also neither the new or old Outlook work with any of my IMAP accounts.

I'm having the same issue on my new MBP 14" using Monterey 12.1 and Outlook 16.55 Very frustrating, I've now spent days trying different things to fix this without any luck. This needs to be a HIGH priority for Apple and Microsoft to sort out quickly. Any help with this will be greatly appreciated.