It's very odd. I don't know how Microsoft implements their own server-side spam filtering, but the issue was coming from their filters. No issues with any other host. G Suite accounts received plaintext mail fine.
I never found much by way of technical detail on 365 deliverability, beyond the usual DKIM/SPF/DMARC/PTR record guidance, and forms for getting yourself removed from the whitelist.
What's especially strange is that this issue applied even when sending mail as a 365 subscriber. Once there was HTML content present in the email, deliverability (to other separate 365 tenants) improved!
Very odd...
Are you sure there is not some sort of parasitic Bayes filtering happening here?