If you want to Create an Application for ArGIS Maps for Office, there are some extra steps you have to take.
1. Download the application in the Application Workspace Setup Store then navigate to the downloaded file.
2. In Command Prompt, specify the directory in which you want to extract the MSI.
E.g.: EsriMapsForOffice_x86_3.1_en.exe /extract c:\test
This will extract the Setup.msi to the c:\test directory.
3. In Setup Commander, navigate to the ’Setup.msi’ file, right-click and choose ’New Application’.
The ArGIS Maps Configuration Wizard will start and you can choose the settings you need.

To learn more, see ArcGIS for Microsoft 365 Resources.