This has to do with the identity model used by agents. There are two models:

1) Delegated access – access is delegated from user to agent. The agent works on behalf of a human (aka known as OBO – on behalf of). Under this model users interacting with the agent need a license. 

2) Own access – Agent operates with its own permissions, not bound to any user. It can work with people, taking part in team workflows or operate a background process that doesn't have any interaction with people. Each such agent still requires human operational oversight that can be done by either agent's "manager" or "sponsor". These are the people responsible for the agent and assigned such role in Entra. Under this model, the users interacting with the agent don't need a license, but manager or sponsor do.

We know how important multi tenancy management capabilities are for our partners to scale their business. No additional details that I can share at this time, but more to come.

Capabilities will be a future roadmap discussion. Agent 365 is tenant-scoped today and does not provide support for centralized multi-tenant administration across multiple customer tenants.

We would love to hear your feedback on this to help shape our roadmap. What specific features/tools would you need as an MSP to manage agents across multi-tenant/customer environments?

Our customers (not Microsoft) are the ones using MS tools to monitor agents, including agent built by Microsoft. It's not a conflict of interest. It's not that different from using MS security tools to monitor the use of MS productivity tools. 

No timelines at this time.