Microsoft's incompatibility with the GDPR puts some of its customers at risk. A fine or two and businesses might stop paying for those lucrative cloud subscriptions.
Likewise, a company using O365 to store customer or employee data will get in trouble, not Microsoft for offering that service.
The €100 fine to that one website that included Google Fonts wasn't an attempt to get Google to put Google Fonts in a European holding or whatever. That was never going to happen. It was to punish that website for breaking the law.
Before anything like this will hit the news, there would first be a massive lawsuit that will probably take months or years. I wouldn't be surprised if Microsoft would throw lawyer money to the company involved just to make sure the lawsuit doesn't end setting a precedent against their product.
Never underestimate German courts and their willingness to uphold privacy laws when they get challenged.