Fast forward to February 2022, and after such a long time off the road, the band were back ‘Out Out Quoing’, the aptly named title of the tour. https://www.questmedianetwork.co.uk/news/tame...
This guy also sees it as meanig that the band are out.
The "quoing" definitely means "being Status Quo".
The only question is why there are two "outs".
"Out, out!" would also require punctuation - the comma. If you were saying "Let's all go out!" then something with "let's" would be more likely. And "Out, out!" doesn't really sound like a bit of fun, as described.
Another reason could be that they mean "properly out". We often use a repetition to mean "really, literally, actually", as in:
A: I saw Madonna yesterday.
B: You mean Madonna Madonna?!
A: I feel sick.
B: You mean sick sick?
In that interpretation, out out would mean "really, properly out" - back to normal again.