Using New Outlook on Windows for professional communication and productivity
I share your frustration, and often ask the same questions as the ones you listed above. I remember days where my Exchange Online mailbox was happily sitting on 0 junk email, but for the past few years things have turned around, and nowadays I'm happy if the number of junked messages is below 100.
Some of this is definitely on Microsoft, and my explanation for the likely reason behind it is that they are simply being over-cautions. With ExO being a commercial service and powering email for 99% of the large enterprises out there, the downsides of letting obvious (but often harmless) spam messages pass outweigh the risks of blocking a potentially important message from reaching someone's work mailbox. Thus we end up with random "girls" asking what my plans are for the weekend :)
Phishing is a different story, if you constantly find such messages hitting your Inbox, you should review your hygiene settings and switch to something stricter, where possible. And you should definitely keep reporting those, as unfortunately there is also the "evolving" attacker element. There is no perfect solution, but in my experience Microsoft does a much better job handling phishing emails compared to plain worthless spam.
And you are correct that blocking keywords, or even addresses does not work. It might be a solution for notification-like emails from providers that do not respect unsubscribe requests, but they can easily change the sender address. What does work is blocking domains and IP ranges for repeated offenders. It wont solve all such issues, but can help reduce them. Here's the relevant documentation: https://learn.microsoft.com/en-us/defender-office-365/tenant-allow-block-list-email-spoof-configure#use-the-microsoft-defender-portal-to-create-block-entries-for-domains-and-email-addresses-in-the-tenant-allowblock-list