Updating Monterey from Version 12.0 to 12.0.1 fixed this issue. Outlook search now working as expected.

Same issue on Mac Book Pro 14 on Monterey. Outlook shows no search results. Tried following steps: Deleting/Adding exchange account Installing Outlook again Adding and removing Outlook Profile from Spotlight privacy tab per https://docs.microsoft.com/en-us/outlook/troubleshoot/outlook-for-mac/useful-tools