Libre office can mostly replace Word, Excel, PowerPoint. But Office 365 or M365 (or whatever the brand name is today) is a huge suite of cloud collaboration and administration tools, including personal and corporate-level cloud storage, app delivery, integration with enterprise accounts and other corporate tools, email, and many other more niche/obscure things. At this point, Microsoft could probably discontinue Word, Excel, and PowerPoint and still not lose many M365 customers.
> At this point, Microsoft could probably discontinue Word, Excel, and PowerPoint and still not lose many M365 customers.
Yeah, just as we forgot about the "paperless office" metric we seemingly forgot about MS Office file formats. "But can I open that file someone sends me?" hasn't been the central driver in quite a while.
But I guess it's a bit of a moat nonetheless: IT departments just not considering any other cloud solution that would (in addition to the pains of the cloud migration) also require weening employees off Excel/Word/Powerpoint. People don't even ask themselves wether that would (still) be hard or not, it feels like a safe assumption that it will.