The usual root cause is simply:
The application you have problems with HTTPS inspection has a hardcoded trust and therefor does not accept the CA certificate your HTTPS inspection gateway is using.
This can be a certificate public key pinning (unusual) or a CA public key pinning (more likly).
A well-known service protected by this is the Entra ID authentication service (former Azure AD) when used by specific applications like MS Outlook or Teams. This is why your MS teams rich client is working with HTTPS Inspection when login was done without inspection. The bearer token is still valid so no authentication needed and only authentication is protected by pinning.
What can you do to fix it (without bypass)? Nothing. The issue that HTTPS inspection is not working here is by design. It doesn't matter which HTTPS inspection solution you are using. You will have the same problem with local solutions like Fiddler, when you enable HTTPS inspection there. So even when importing a specific server cert in the client OS local trust store (thats how fiddler is doing it, not just importing the CA), it will not work. You also have to enter login.microsoft.com in the fiddler HTTPS inspection exception list.
That MS teams authentication is working in your browser has also a simple reason: Your browser does not use PK pinning for that site (yet).
Check Point has entered some well-known FQDNs which are affected by PK pinning applications in the update object "HTTPS services - recommended bypass".
And regarding your packet capture: You cannot see that problem reason in a packet capture. Its not the gateway, or server that terminates the connection here, its the client. The RST you see from gateway is after client has closed the connection with FIN,ACK and it is send because the gateway closes the connection afterwards and not waits for the server to send its FIN,ACK.
Regarding that encrypted alert: "Encrypted Alert" means Wireshark can't decrypt it. The reason why this packet appears may vary, but if it appears just before a TCP FIN. like in your capture, it is most likly a "close_notify".
Regarding what to enter into bypass list: Just create a custom application object for that.