I'm having a similar issue, but it appears to be related to the lates update of PAD:

My flow ran before, now it fails on the Launch Outlook step:
Correlation Id: b5804902-7ccd-41a3-85d8-6f318248bb41
Retrieving the COM class factory for component with CLSID {0006F03A-0000-0000-C000-000000000046} failed due to the following error: 80080005 Server execution failed (Exception from HRESULT: 0x80080005 (CO_E_SERVER_EXEC_FAILURE)).: Microsoft.PowerPlatform.PowerAutomate.Desktop.Actions.SDK.ActionException: Failed to launch Outlook ---> System.Runtime.InteropServices.COMException: Retrieving the COM class factory for component with CLSID {0006F03A-0000-0000-C000-000000000046} failed due to the following error: 80080005 Server execution failed (Exception from HRESULT: 0x80080005 (CO_E_SERVER_EXEC_FAILURE)).
at System.Runtime.Remoting.RemotingServices.AllocateUninitializedObject(RuntimeType objectType)
at System.Runtime.Remoting.Activation.ActivationServices.CreateInstance(RuntimeType serverType)
at System.Runtime.Remoting.Activation.ActivationServices.IsCurrentContextOK(RuntimeType serverType, Object[] props, Boolean bNewObj)
at System.RuntimeTypeHandle.CreateInstance(RuntimeType type, Boolean publicOnly, Boolean noCheck, Boolean& canBeCached, RuntimeMethodHandleInternal& ctor, Boolean& bNeedSecurityCheck)
at System.RuntimeType.CreateInstanceSlow(Boolean publicOnly, Boolean skipCheckThis, Boolean fillCache, StackCrawlMark& stackMark)
at System.Activator.CreateInstance(Type type, Boolean nonPublic)
at System.Activator.CreateInstance(Type type)
at Microsoft.Flow.RPA.Desktop.Modules.Outlook.Actions.OutlookActions.LaunchOutlook(Variant& outlookInstance)
--- End of inner exception stack trace ---
at Microsoft.Flow.RPA.Desktop.Modules.Outlook.Actions.LaunchOutlook.Execute(ActionContext context)
at Microsoft.Flow.RPA.Desktop.Robin.Engine.Execution.ActionRunner.Run(IActionStatement statement, Dictionary`2 inputArguments, Dictionary`2 outputArguments)
Outlook is part of 365:

I tried in the flow to close Outlook then re-launch, but that didn't work. I am developing this flow to distribute to several of my collogues, but I can't have each of them closing their desktop Outlook to make this work.
I will be reporting this as a bug ASAP.