Public folders sync to Exchange 2016 error "-2147221220-Your profile is not configured. - MAPI_E_UNCONFIGURED (4327875)

A Public folder sync to Exchange 2016 fails with an error similar to below:

2017-11-28 08:49:12.7223 Px1354 Tx1 A- C- M- Error aeEMWGUIForms.CMapiSettings.Log event|-2147221220-Your profile is not configured. - MAPI_E_UNCONFIGURED (Microsoft Exchange Information Store) File: 'aeWrapHelpers.h' Line: '279', (Source: CSession::Logon| Number: -2147221220 - Your profile is not configured. - MAPI_E_UNCONFIGURED (Microsoft Exchange Information Store) File: 'aeWrapHelpers.h' Line: '279') 

Outlook profiles are correctly configured and public folders are accessible via Outlook