Actually on a deeper investigation, it may be that this "Microsoft Personal" account is in fact not an email account hosted with Microsoft, but merely an account.
If I login to www.outlook.com I can sign in with this Microsoft Personal account, but I see in the profile menu it's got "Outlook_{BUNCH OF CAPITAL LETTERS}@harsh.com .com".
So i'm thinking this Microsoft Personal account is not in fact linked with a valid Outlook account and so doesn't have access to a calendar.
Would that sound right?
So this leads me to think that there's an issue with the /subscriptions
endpoint actually - because by virtue of the fact that this user does actually have an outlook calendar (if I go in via www.outlook.com), and I can see the events in the calendar using MS Graph Explorer if I go via /me/events
... but it's just that the /subscriptions endpoint is not finding the correct calendar.