3ds Max 2021 FBX exports with Physical Material by default to support Arnold Standard Surface. Before 2021, 3ds Max FBX exported Standard Materials.
To recreate this legacy workflow, the Physical material must be converted at export time to Phong/Lambert options which you can do by modifying the <name> INI file.
And, for Phong materials, write:
PhysicalMtlAsPhong=1