The required feature is not enabled for this column type error when creating taxonomy column
I am trying to create a new taxonomy (managed metadata) column in SharePoint online. However, I am facing below error when try to select term set for this column. The required feature is not enabled for this column type. I have tried this on both team sites and communication sites. I also don't see any OOTB managed metadata columns such as Enterprise Keywords present in the site collection. Is this an issue with my tenant?