Created Unassigned: Outgoing Email SP2016 tls yes bug [22426]

This line:
$spGlobalAdmin.UpdateMailSettings($SMTPServer, $emailAddress, $replyToEmail, 65001)

for Sharepoint 2016 must be:
$spGlobalAdmin.UpdateMailsettings($smtpServer, $senderAddr, $replyAddr, 65001, $false, 25)
or for SharePoint 2016 with tsl:
$spGlobalAdmin.UpdateMailsettings($smtpServer, $senderAddr, $replyAddr, 65001, $true, 587)