Hi Chong,
The error message you describe as "550 5.7.1 Transport Rule RejectMessage; Message was rejected by organization policy" strongly indicates that there is some form of mail flow rule preventing the message from being transmitted. Since we received the NDR from the recipient, we could know that the message was delivered to recipients’ email system. You can ask the forwarded recipient to execute ‘Get-MessageTrackingLog’ in the Exchange Management Shell to check why the message to be rejected.
In addition, I notice that this issue is with external message, You can create a new internal meeting request , and then forward it to the same recipient. This can help us isolate whether this issue is related to external message.