This can happen and from one instance we found out about a problem that can happen.
PST file from cloud
Are you trying to connect to an already existing PST that's in your OneDrive?
You first need to bring that PST into your personal storage and out of the cloud. Then try it again and it should work. The issue is that you're trying to download the PST from the OneDrive cloud at the same time that you're trying to set up the email in Outlook, and the download is taking longer than the email set up, and it's timing out.