Hello,
Are Exchange Online-only MailContacts expected to be visible in the Adaxes directory picker?
No, they are not expected to be visible. The behavior is by design.
If not, is there a supported way to include these objects in selection (e.g. via custom query or other object type)?
Unfortunately, there is no such possibility. Such objects can only be requested using custom scripts. However, thank you for the suggestion. We forwarded it to the corresponding department for consideration.
Is this limitation related to Adaxes only querying directory objects (AD / Entra), not Exchange recipient objects?
Yes, that is correct.