So, the Teams instance you’re connecting to and all of the data therein is owned by the company you work for: Their IT/security team or teams are still obligated to protect that data and allowing the use of any and every app could potentially cause problems or exfil proprietary company data.

Whether the phone is owned by you or them is irrelevant, the data is still compromised either way, so I doubt they enacted that policy by mistake, however, you may be able to talk them into adding more options to their allow list.