Cannot turn off "Require passcode" at admin level despite using Waiting Room

My meetings suddenly started requiring passcodes, and I noticed that at the user level, the setting says "Locked by admin."

On the account level I saw a message stating that I need to have at least one security feature, including a Waiting Room. So, I turned on the Waiting Room, but am still unable to turn off the requirement for Meeting Passcode, at the admin level.

Here is a screenshot.