Based on what I'm seeing other people post, and my own experience of it (not too extreme a mail setup: 3 exchange accounts, 2 imaps, whatever iCloud uses), here's my summary:
- The problem is in Catalina, as previous/other macOS versions don't seem to have the problem.
- The problem seems to be linked to the Exchange accounts.
- The problem seems to be triggered by interruptions to IP connectivity. There may be other causes (enabling/disabling my VPN seems to do it, sometimes).
- The problem can be temporarily resolved by a number of ways: disabling the Exchange accounts, disabling the IMAP accounts (worked for me at least), creating a new user account, restarting, etc. But it always seems to come back.
- A permanent fix has not been clearly identified (that I've seen).
Based on the above, and having encountered a problem like this on a SW project I was involved in, my guess is that there is some kind of bug in the error handling code associated with the Exchange interface. As in, there is an error in the connection, and accountsd goes haywire. The various temporary solutions work by breaking the trap that accountsd gets caught in, but when the error occurs again, it goes nuts again.
The good news to those suffering the problem: You ain't alone, and there are temporary fixes. The bad news: It's a subtle problem, and the root cause is not clearly identified.