Azure DevOps and Outlook Integration

There is no built-in feature, but you can work miracles with Microsoft Flow, basically, the If This Then That from Microsoft. it comes with built-in tasks to trigger on Outlook/Office 365. Moving an email to a specific folder or tagging it with a specific tag would be enough for Flow to trigger a rule.

This template rule uses the "When an email is tagged" and this template rule creates a Bug work item based on a trigger. Combining these two should let you achieve what you're looking for.

If you want integration in the Outlook Windows client, then there are a couple of commercial options available: There are a couple of add-ins for Outlook. Team Companion, TeamLook and TFS Work Item from Outlook spring to mind.

An alternative option is to use an Azure Function which is triggered by Azure DevOps Service Hooks. Not sure if you can bind an Azure Function to an Office 365 mailbox. Flow could act as an intermediary here as well.