No sharing links options for folders anymore

Jens Balondo, thanks. None of those site collections I've identified thus far were created through the admin center. We've got a third party solution for that. However, they're all classic non-unified group connected team sites and, in part, a couple of years old already. So there're no policies applied.

The initial contact by the Microsoft support has not yet taken place, unfortunately.

The weird thing is that that little info message is trying to tell  me that organizational settings are preventing me from selecting this option. However, as outlined in the initial screenshots, everything points to that not having to be the case.