Personally, I think MS needs to massively increase their prices here: they're leaving a lot of money on the table. Companies, especially, (and governments) just aren't going to switch, no matter what. So why not increase the prices ten-fold?
Decision in Enterprise organizations are not done by the end user and non of your options, not even Google Docs, offers the equality of features.
M365 is far more than just Word, Excel, Outlook, Teams (apart from some apps depending on the M365 tier you are in like Access, Project, Visio etc.), you buy a whole workspace. Users can seamlessly share and work together on documents, not only in their organization but also with others. It's easy to process information from one app to the other etc.
Yes, Google Docs might be the closest thing when it comes to features (but no match), however, looking at local restrictions and laws, Microsoft is one of the few companies that can host you M365 solution in an environment that, for example, matches european laws.
And that is the big problem, there are no alternatives for companies that are already on M365 and using the features of it.
When I fire up my linux workstation or steam deck and browse my library, there are countless games, marked as "platinum" in ProtonDB, but do not work OOTB. Sometimes it's a later Proton version that broke the compatibility, sometimes you still need to tinker in the settings in addition to choose the correct proton version. All in all, I've spent quite some time getting games to run I just wanted to play a single afternoon as nostaliga hitted hard.
As long as issues like this are not resolved, I don't believe in Steam Machines as alternatives for consoles in the living room space.
And yes, I'm still considering a steam machine for my living room, even though I will need to support my wife and kids in getting games to run on the TV.