Same issue here. I'm using the online version to get around the issue now. Hoping we see a fix from either Apple or Microsoft soon. I cannot even get a crash report to help determine the cause of the issue.
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I created a new profile and it worked for about 30 minutes. It crashes and creates a crash report to send to Microsoft. I've tried traditional Outlook and "New Outlook" both crash.
Microsoft Error Reporting log version: 2.0
Error Signature:
Exception: EXC_BAD_ACCESS
ExceptionEnumString: 1
Exception Code: KERN_PROTECTION_FAILURE (0x0000700009878ff8)
Date/Time: 2021-08-24 17:43:35 +0000
Application Name: Microsoft Outlook
Application Bundle ID: com.microsoft.Outlook
Application Signature: OPIM
Application Bitness: x64
Application Version: 16.53.0.21082201
Crashed Module Name: libsystem_malloc.dylib
Crashed Module Version: unknown version
Crashed Module Offset: 0x0000000000000b76
Blame Module Name: unknown
Blame Module Version: 16.53.0.210822
UnsymbolicatedChecksum: A0134613ED94F505E090B52058EA111B
Blame Module Offset: unknown
StackHash: 460ca6a19a164a55-dm_1_bk_oom
Application LCID: 1033
Extra app info: Reg=en Loc=0x0409
Build Type: Release
Crashed thread Stack Pointer: 0x_0000700009879000
Crashed thread: 43
I opened up Outlook this morning and tried it again. I'm running the latest version of MacOS and Outlook V 16.53 (21082406) and everything is working again. I did not apply any updates since last week so I'm not sure why it started working.