Another quick update… just checked the portal to see if there is any additional information, and it was updated with this:
Microsoft Review (7 - 14 days)
We will review your Azure Application and will email you if we find any issues. This step may take longer to complete than anticipated depending upon the nature of issues.
Validating content: Content validation completed.
Microsoft Review: The request is waiting for approval.
So it could take a couple weeks.