I had another Microsoft account and checked out the options I should have, and it's there on my other account. When I logged into PSO2, I can see chat. It is 100% due to my account not having the ability to change those options, even though by default they are set to "allowed".
"You can communicate outside of Xbox Live with voice & text Decide whether to communicate using voice & text with people on gaming services outside of Xbox Live, such as PC and PlayStation."
By default this is set to allowed, but I don't even have any of the options under this section for this account.
I'm still currently waiting for Microsoft support to fix my account.
Well I do have the options and it is set to Allow so... no it doesn't work nor make a difference.
It worked for me as I tested it on a different account to figure out why this was happening in my case and I did narrow it down to not having those sections as MY issue. If it doesn't work for you, then your issue***** IS MOST LIKELY****** something else then, but it might just help some other people dealing with a similar problem. It doesn't mean it doesn't make a difference just because it didn't help you.