I have solved my MacBook by switching to use the NEW outlook in 16.57.
I had tried everything else, without success.
My problems started in Mojave where not all searches would work, I only saw half the items that should have been found in mail and contacts.
I did the following several times.
re-index, using various methods.
new profile
delete and reload accounts
upgrade from Mojave to Monterey.
Tried it all again.
Mine would work while indexing, then all disappear. if I searched using spotlight it worked, but not if I used search in outlook.
As soon as I switched to NEW outlook, bingo. all searches now work.
I had previously tried NEW outlook, but switched back as I am a bit of a dinosaur!!
Hope this works for others.