When the "Reduce default 'referer' header granularity" feature is enabled within a browser, the post-authentication request sent to https://mail.exchange.microsoft.com/owa has a limited referrer header. Specifically, the URL path is removed. When this happens, the server skips setting six Authentication-related cookies. As a result, the user is sent back to the msft.sts.microsoft.com server to go through the Authentication flow again. The msft.sts.microsoft.com server sees that the user is logged in, and sends the user back to OWA, and the loop repeats until the server detects the loop and stops the flow.
Note The "Reduce default 'referer' header granularity" feature can be manually set by using the chrome://flags/#reduced-referrer-granularity page in Google Chrome or Microsoft Edge.
To fix this issue, install one of the following updates:
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