Last night Microsoft released several updates. One of them sets the language of parts of Outlook 2007 installations to Swedish.
Turns out, this is KB4011086. Uninstalling KB4011086 reverts all of outlook to the correct language.
Scripted fix:
msiexec /package {90120000-001A-040E-0000-0000000FF1CE} /uninstall {BBE4FD45-34D1-4497-8F75-77965C4E044D} /qn /quiet /norestart
Or remotely:
psexec \\computername "msiexec.exe" /package "{90120000-001A-040E-0000-0000000FF1CE} /uninstall {BBE4FD45-34D1-4497-8F75-77965C4E044D} /qn /quiet /norestart"
Update: Turns out more people have experienced this problem:
http://www.helpmij.nl/forum/showthread.php/923889-Outlook-is-ineens-tweetalig
https://gathering.tweakers.net/forum/list_messages/1801205
https://social.technet.microsoft.com/Forums/office/en-US/72037dce-f8bb-475f-8f2d-4af6b3a9ea88/latest-outlook-2007-security-patch-kb4011086-wrong-patch-change-app-language-to-swedish
https://www.reddit.com/r/sysadmin/comments/6zsxs3/outlook_2007_suddenly_in_2_languages_uninstall/