The fine is so outrageously high (up to 4% of global revenue) exactly so this argument can't be made. It's really hard to imagine that implementing proper privacy controls would cost 4% of Microsoft's global revenue, it amounts to US$ 8B for the past year...

But more privacy mean less data they get and less revenue they generate by using that data, similar to how Meta/Google are affected by Apple privacy changes, at least that's my speculation