There is a chance that this issue is rooted in something simply deciding not to work as it should!
Disconnect and reconnect your Microsoft Teams integration — either from your Integrations page (if you connected the integration directly), or from your Calendar Connections page (if you connected the integration via your Office 365 calendar connection). Schedule a test event (you can do this by clicking “view booking page” on any of your event types from your landing page, then selecting a date/time on your booking page as if you are an invitee) to see if the Microsoft Teams link is generated as expected.
If it is, you're good to go!
If you need to regenerate the Microsoft Teams links for any meetings currently displaying "Action Required," you can "reschedule" those events for the same date/time they were originally scheduled.
If the issue persists, it’s possible that you do not have the Microsoft plan needed for this integration to run.
Calendly's Microsoft Teams integration requires a Microsoft 365 Business account or an Office 365 Education account.
These pages from Microsoft have more information:
If this issue persists, post in this thread with more information/screenshots and the community can help troubleshoot!