https://helpx.adobe.com/acrobat/kb/troubleshoot-acrobat-pdfmaker-problems-office.html#AcrobatRibbonisnotavailabeinOffice2016orOffice365applicationsonWindows

Instructions from this have been followed, along with instructions from Microsoft to verify the add-in is correctly set in the registry. In both occasions, with Adobe Acrobat Pro version 20.012.20041, the Adobe/Acrobat ribbon is not showing in Excel/Word 2016 or in Word/Excel O365.

Support agent requested submitting a bug report.

I've installed the application via mst, without Creative Cloud for enterprise purposes (mst attached), and even on a fresh build of Windows 10, the ribbon doesn't show up.