New
#1
It's a bug in a Microsoft 365 update which has been reported to Microsoft, with a potential workaround:
Outlook 2016 Autocomplete is doing something weird
The response to this report shows how to roll back to the previous Current Channel version if necessary:
Outlook 2019 Address Autocomplete Broken
(From Version 2104 (Build 13929.20296) of April 29 to Version 2103 (Build 13901.20462) of April 23)