Microsoft has resolved the underlying cause of the authentication issues and you should now be able to reconnect your accounts and continuing using their services in your Zaps.
"Engineering teams have rolled out a fix to all affected regions. Internal telemetry and customer reports suggests that the error rate for dependent services is rapidly decreasing. Microsoft services are starting to see signs of recovery. Some services and offerings may have varying times of recovery following the underlying fix. The next update will be provided in 60 minutes or as events warrant."