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M365 Personal or Family can actually have a place as cost-effective cloud storage that 'just works' for consumers that don't care to go down the self hosting rabbit hole. It happens to include an office apps suite, but even without that it's extremely price competitive with other consumer-focused cloud storage. For $6-7/month you get 1TB of online storage, or for $8.25-10/month you get up to 6TB. Their competition (Apple, Google, Dropbox) pretty much all start at $10/mo for 2TB, possibly with paying for a year in advance.

The business plans are a different matter, but can make sense particularly if you're actually paying salary/wages for someone to maintain and support a self-hosted alternative.