Since 12.15 IST time today whenever I'm creating a new O365 modern Communication site I don't see follow site option. On further investigation i could see that in all the 10 sites which i created after the specified time Following content Feature s not getting automatically enabled.
Worse case is with Metadata columns. I can't create any metadata column as under Term Set Settings I'm getting the error "The required feature is not enabled for this column type." This is happening on my dev O365 environment which receive all the latest updates.