I don't think that's wild. But IMO the real moat in M365 is that it also bundles Microsoft Entra ID (formerly AAD) licenses and it's strongly integrated to it

I don't think that's wild. But IMO the real moat in M365 is that it also bundles Microsoft Entra ID (formerly AAD) licenses and it's strongly integrated to it + SharePoint. This way you can have "basic IT stuff" you expect in a company like company users, groups, shared folders, file permissions, etc...