A cloud-based service included in Microsoft 365, delivering scalable messaging and collaboration features with simplified management and automatic updates.
I've researched the issue for our customers with the same issue.
The problem is if you look in the headers of the mail that it's going trough a Microsoft mailsever with an ip adres of in the range: 2603:10a6:xxxxx:xxxxx. Because this ip is not included in the SPF record of the sending party the DMARC (if it's on reject) rejects the mail. That's what the return mail means.
The issue is that most mail traffic goes trough the spf record: spf.protection.outlook.com (if mailing with office365) and this doesn't include the range 2603:10a6 range. The DMARC then rejects the message because of it's settings.
We made a support ticket to Microsoft and they aknowledged and are now looking to inlcude the range to the spf record.
As workaround we added ip6:2603:10a6::/37 to our own spf record, if MS added it to their SPF we are going to delete this record again in our own spf.
I still recommend if you have this issue to make a support ticket in the Microsoft 365 Admin Center.