I've used all the popular chat platforms like slack,matrix, discord or meeting solutions like zoom, goto,etc.. and Teams is by far the most cohesive and consistent experience. I've tried out google office, took a peek at zoho, libreoffice,etc... M365 is by a long margin the best office/document/spreadsheet suite. Even for my own personal use I'd rather use their web-based M365 tools.
Just objectively looking at this, I think I get that MS has been really bad for consumers in the last few years and being flippant with data privacy laws. If that is the reason, then I get it 100%, but quality of product sure isn't it. If I were them, I would just fine MS insane amounts of fines and maybe use the proceeds to fund and support alternative solutions. EU can fine MS whatever they want and MS will comply because of how important the market is to them. I'm also biased there because I'm hoping those fines would help us even by a small measure in the US.