Microsoft Support:
We’ve received an update from our Product Group team regarding the issue you reported. After thorough investigation, they have identified a limitation within Event Grid. Currently, creating system topics in Azure subscriptions managed from a separate tenant via Azure Lighthouse is not supported.
This functionality was previously working; however, earlier this year, we migrated to a new system for checking user permissions during system topic creation. Unfortunately, this change introduced limitations specifically affecting Azure Lighthouse scenarios.
To resolve this, a code change is required, which will enable proper support for this scenario. The team has informed us that implementation and deployment will take a minimum of several weeks, and at this time, they do not have a concrete ETA.