Probably self inflicted by some code change, as they mention "specific type of service traffic".
EDIT: Seems like now they confirmed that: "We've identified that affected servers are failing automated health checks, which is causing them to become unavailable, and this may be related to a recent change to a component involved in processing those checks. We're testing a configuration change on a subset of affected infrastructure to address this and, if successful, will apply it more broadly. In parallel, we've initiated a restart of all affected servers and are validating whether they're successfully returning to service."
Microsoft 365 Status
@MSFT365Status
16m
We've not identified any recent change correlated with the start of impact; however, our investigation indicates the failed health checks may originate from a specific component that's responsible for processing server health. We've taken steps to prevent additional servers from being impacted while we work to return the affected servers to service. More info under EX1550543 and MO1550821 in the Microsoft 365 admin center, as well as status.cloud.microsoft if the admin center is not available to you.