SharePoint Online: "Anyone with the link" is Greyed Out

Problem: "Anyone with the link" is disabled in SharePoint Online Share window is greyed out!

How to Enable Anyone with the link option in SharePoint Online?
As a first step, we need to enable sharing with anonymous users at tenant level. Here is how to enable external users with anonymous links in SharePoint Online tenant.

• Login to Office 365 Admin Center >> SharePoint admin center 
• Click on "Sharing" from left navigation >>  Set "Sharing outside your organization" to "Allow sharing to authenticated external users and using anonymous access links"
  
• Click "OK" to save your changes.

PnP PowerShell to Enable Guest Sharing for a Site Collection
Once the external sharing with anonymous access is enabled at the tenant level, we have to make sure its enabled at site collection level also.

#Parameter
$SiteURL= "https://crescent.sharepoint.com/sites/marketing"

#Connect to PnP Online
Connect-PnPOnline -Url $SiteURL -Credentials (Get-Credential)

#Set Sharing Settings to Enable Anonymous sharing
Set-PnPTenantSite -Url $SiteURL -Sharing ExternalUserAndGuestSharing