@woody What would you suggest? The appeal of Exchange Server is that it just works* with the Microsoft & Active Directory ecosystem that the vast majority of orgs are already running.
*(For some definitions of "just works"...)
The appeal of moving to M365 is having SaaS that still cleanly integrates with the rest of on-prem infra but removes need for underlying server management & maintenance & security & letting the M$FT extensive security apparatus do a lot of the heavy lifting. All of which is ostensibly a net benefit for already-overstretched IT & security teams. (If the orgs even have security teams.)
I'm not personally familiar with & don't see "in the wild" any consistent alternatives with the same range of capabilities, integrations, security, & ease of management. But I'd love to hear about some!
The biggest problem here - other than the outage - is that Rackspace has gone incommunicado, with support unreachable... leaving their customers in the dark with no email, no information, no news, and no solution.