Yes, I have experienced what sounds like the same issue, although without knowing more about your specific Outlook accounts I cannot be certain. In my case, the email accounts in question were hosted on Microsoft Exchange Server with 2 factor authentication. I believe that the issue may also affect Microsoft365 accounts. In this case you may be actively prevented from accessing with the Apple Mail client depending on the organisation's own security arrangements e.g. using 2FA. This security did not affect email access to the same accounts using Apple Mail on my iOS devices (iPhone) as 2FA authentication pop-ups with password and Face ID are well integrated into iOS.
Depending on your organisation, it may be that the most rapid (but perhaps not the most elegant) solution for you is to use MS Outlook for those specific Outlook accounts, for which you will need to generate an App Specific Password. At least then you will obtain immediate access to your emails on your new Mac, albeit using two different email clients.
App-specific passwords allow you to securely use your Apple Account to sign in to apps made by developers other than Apple.
support.apple.com
If another member has a less clumsy solution, or if I have misunderstood the problem, then I too would be interested to learn.