Currently today you should be able to Okta admin page, on to “Applications” and then select from the right hand side “Refresh Application Data” button. This should go to all applications and refresh the meta data for each of the applications (including the Office 365 application licenses associated to the O365 tenant).
However I am aware (and there is a Request for Enhancement to resolve this) that there is a problem and licenses update are not working as expected. To overcome this please follow the steps listed below for the Office 365 application definition:
Go to the application provisioning tab, select edit, and select uncheck the update attributes option and save.
This will reset the meta data of the application (including the licences available in the O365 tenant).
Of course repeat this step to switch back on your “Update Attributes" setting to get back to where you were with the application configuration.
You will then see the correct licences from that point.