Office 365 Pro Plus - Office Update "This product will not be updated."

Office 365 Pro Plus has started saying "This product will not be updated." on my managed PCs.

I'm on Current Branch 1710 (first hotfix) and Office 365 Pro Plus Version 1711 (Build 8730.2127 Click-to-Run).

Office 365 Pro Plus updates through ConfigMgr were working fine as of...  November?  And I just never noticed that it broke?  Might have been 1710 that broke it.

Other updates work great.

Has anyone ran into this issue?  And have a good way to fix it?