While plain old bare bones Win32 APIs are still coming up in every release, they aren't the main ones.
Also COM as concept wasn't something designed by Microsoft, it rather build up on the ideas of what Sun, IBM and co were doing with distributed objects protocols.
It is no coincidence that COM IDL language is based on DCE RPC.
Beyond that, if we're talking about coclasses etc, one of the things about Win32 COM was kinda sorta solving DLL hell by using UUIDs as primary identifiers for those classes - CLSIDs - and mapping them to actual files on disk via the registry. Thus, you could have things installed wherever, including DLLs with identical names in different folders. A new version of the class would get the new CLSID, so multiple versions could be installed and correctly resolved at runtime.
Of course, that just made it a registry hell instead, where messing up those (global!) entries would break apps that depended on the affected classes. So Windows XP (IIRC) added the ability to register CLSIDs and map them to DLLs directly in the app manifest, allowing for a fully self-contained solution.