More than a year ago I wrote a blogpost regarding Teams calendaring and Exchange 2016 integration: https://jaapwesselius.com/2020/04/07/microsoft-teams-and-exchange-2016/.
Currently I am working with a customer on this specific scenario, and to my surprise I ran into this Teams/Exchange connectivity test on the Microsoft Remote Connectivity Analyzer (https://aka.ms/exRCA). Open the Remote Connectivity Analyzer, select Microsoft Teams and click the Teams Calendar Tab button. Login with the account you want to test (in this example I have an on-premises mailbox on Exchange 2019, but works for Exchange 2016 as well) and click Perform Test.
Within seconds you will see if connectivity from Microsoft Teams to your Exchange server is working properly. Very nice!