This is a steep hill to climb. Microsoft is deeply entrenched in enterprises with .Net, Active Directory, SQL server, all that jazz (witness how fast Teams sped past Slack usage). It's easier for Microsoft to roll out storage than it is for Dropbox to become Microsoft or Google.
Jobs was right, Dropbox is a feature, not a product.
It doesn't have to be another clone. For example Quip was acquired by Sales and there are tons of modern collaboration software tools like Airtable, Notion, Slack, etc. They could've created a suite that was tailored around that while leveraging their existing integrations with Office.
Also people forget Box.com exists and does an even better job with corporate storage than Dropbox with much better features and UX.
Jobs was right, Dropbox is a feature, not a product.