Removing the "Privacy Matters" pop-up, Office 365

Open any O365 application (word, excel, etc.)

Click File -> Options -> Trust Center -> Trust Center Settings...

Click Privacy Options -> Privacy Settings...3

Uncheck the "Turn on optional connected experiences" box

Sign out of the Microsoft Application you have open

Open the Microsoft 365 (Office) application on the computer and sign out

Restart all office applications

Sign back into the account on Microsoft 365 (Office)

Open a Microsoft application and log in. The pop-up should be gone.