Hello r1ch4rdNZ, thanks a ton. This really helped. I removed about half of the installed apps most of which I didnt even know I had. Then restarted the machine and "NEW" in the context menu comes up...

Removing KODI did not help in my case. I think I had downloaded KODI and have not installed it thru the Microsoft Store though.

Different user on same PC does not have the problem, I also ran an "Inplace" Update which did not help.
Glad I saw the remark about MS being aware of the problem - now I can stop trying to repair...