For the Taxonomy App to work as designed, you must approve the API access request.
Note: You must be SharePoint Admin to approve the API access.
1. Navigate to SharePoint admin center > API access.
The API access page is displayed with all the pending and approved requests
2. Under the Pending requests, select the API name called Microsoft Graph for the Package Taxonomy.
The Approve and Reject tabs are displayed.
3. Click Approve.
The Approve access pane is displayed.
4. Click Approve.
The API access for the Taxonomy application is approved and moved under Approved requests.
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