I received this error on a mobile phone after a remote wipe.
When setting up the account on the phone again, I got this message saying that the phone was not compliant to the security policy. The only policy that applied to this phone was set from Microsoft Intune and we double checked that the phone was compliant to this.
Searching the internet with the error code I found this article from Microsoft that lists the Exchange mailbox policies.
Another strange thing we found was that this happened only with the specific user on this phone. We were able to configure the users account on another phone without any problems.
When we used another account, the phone was syncing the email perfectly. So after a remote wipe, you cannot use the same account on that device anymore, hmmm...
After a long search we found that there are also policies defined per user that are restricted to the specific device.
The best way here is to delete the entry, when adding the account to the phone again this entry is automatically created again.
If you click on this entry you'll see that this policy is restricting the phone itself by the ID and the IMEI number.
So that is why the it is no problem to use another phone with the users account.