Exchange.ManageAsApp
— application permission, granted to the app registration with admin consent.
Endpoint:
Get-ExternalInOutlook
If a permission is missing, this report shows a red load error with the Graph status code — not an empty table.
External Sender Tagging
Business-email-compromise mail pretends to come from a colleague or the CEO. The 'External' tag in Outlook is the cheapest signal to users that it did not - and every exempted domain removes that signal.