Public Web Site has not been available to new Office 365 tennant for a while.

Existing tenant that had a public web site could still use it.

Beginnig May 1 2017 you will not be able to use your SharePoint Online Public Web site… Unless you required to keep your site until March 31 2018.

Steps to request to keep your site until March 31 2018.

1. Log in to the SharePoint Admin Center.
2. Click Settings.
3. Select the I’d like to keep my public website until March 31, 2018 option.

Act now if you have a SharePoint Online Public Web site.

More information

 

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