Maybe this would work:

Sub ScratchMacro()
'A basic Word macro coded by Greg Maxey, http://gregmaxey.com/word_tips.html, 4/8/2018
Dim oILS As InlineShape
  For Each oILS In ActiveDocument.InlineShapes
    oILS.Range.Select
    oILS.AlternativeText = InputBox("Review and edit existing alternate text", "Review", oILS.AlternativeText)
    Next oILS
    
lbl_Exit:
  Exit Sub
End Sub