Short answer
HubSpot's KB: Outlook from the Microsoft Store isn't compatible; use Click-to-run. Office 365 from GoDaddy doesn't support third-party apps. A connect loop usually means an alias; only the primary address connects.
1. In HubSpot
The relevant screen in my demo portal.

2. Worth knowing
If the add-in stays grayed out in both ribbons, the issue is in Outlook itself.
3. Related
Admin consent and add-in sales tools.