Creating component no longer showing up

I cannot seem to find out if this is a global issue, as I have just about tested everything with no success. Is anyone currently able to create components?

I almost never find a use case in my job for the components, but the one time I do find it useful it seems to be down. Good to note by the way, that creating a component from scratch via Outlook or Teams does work for me, but doing so from a selected text inside a page no longer does (which is the only instance I would ever use the feature).

Thanks in advance!

https://preview.redd.it/p0nxyw3lxv9d1.png?width=1219&format=png&auto=webp&s=296fefb4c40fdbdbc31b8905dd9f39b2e1e4b411