Teams Manager changes the team approval process by adding a requested/approver relationship into the mix.
Essentially, when you submit a request for a new team, an Admin or a member of an Approver Group gets a notification and goes through your request prior to approving it.
This process takes different amounts of time depending on the organizational infrastructure and the number of requests.
We highly recommend contacting your organization's Teams Admin for more information about any hold-ups related to space approval.