It's interesting how the documents industry is moving from print oriented legacy softwares (Google Docs, Word) to block based, app-ish, smart canvases (Notion, Coda, etc).
Also both Microsoft & Google have adopted completely different strategies to compete in this market. Microsoft launched Loop as an entirely new app while Google is incorporating these blocks as smart chips in Google Docs itself. Both strategies have their own pros and cons.
My bet is on Google Docs style, because this means a group that's already invested in traditional document making skills (legal professionals, academic professionals, etc) will be able to incrementally step up their game without their workflow being completely destroyed. Sure, this will slow down the pace with which Google Docs can innovate and evolve - but overall it helps the older generation to smoothly transition over to the new age document editing, which is great.