Switching to "New Outlook" resolved the issue for me, seach now works
Outlook 16.55 (21111400) 1.0.1 Montery
shaymansyd
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Same problem here. New MBP 14" with Monterey 12.0.1. Outlook search without any results.
About to raise a ticket on MSFT, as Spotlight search finds emails, but not in Outlook, also tried rebuild of search and new Outlook Profile now good.