Beginning with the May 2019 release, emails sent from an Outlook account that has a Reply-To are instantly rejected, with a message 550 Request failed; Mailbox unavailable. When the Reply-To is removed, or replaced with the real, physical email address, the test email sends correctly.
Prior to May 21, 2019, using an alias email (one that doesn't actually exist, but is redirected to a real email address) in the Reply-To worked as expected, for years. The only purpose of the Reply-To field is to handle this scenario.
I've tried every way I know to report this (sending "feedback", replying to other posts in this forum from the many who are having the same problem, contacting Microsoft support both by chat and by phone). The uservoice forum rejected my post because it wasn't a new feature request. It has not only not been fixed, but it hasn't even been posted as a known issue on the "Fixes or workarounds for recent issues in Outlook for PC" page. I'm hoping that somebody at Microsoft will see this post and take action.
In these days of constant spam, using an aliased Reply-To is the only safe way to send emails to un-trusted companies. Without the alias, the real email address will inevitably get sold to spammers. Therefore this bug has created a security/privacy risk.