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Microsoft 365 and Office | Excel | For home | MacOS
A family of Microsoft spreadsheet software with tools for analyzing, charting, and communicating data.
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Ensure that there is an associated Office product under the account, and that the version installed is the one that corresponds to the product under the account.
If these are correct, then try to remove the Office for Mac license, remember to restart your computer after the tool runs, and then log in again using the account with the product license.
How to remove Office license files on a Mac - Microsoft Support
Also, the other options mentioned here can be tried depending on the phenomenon of the problem you are experiencing. May need to uninstall and reinstall Office for Mac
What to try if you can't install or activate Office for Mac - Microsoft Support