Let me tell you how it works. If you offer a service. And that service questioned by anyone for legal issues, it does not matter what the eula says, you can file a class action lawsuit. But it does allow the service provider to suspend your service until after the court decides.
Why do they need it?
Because during the 1940-1980's, corporations what offered services where defending themselves against multi million dollar lawsuits by every person that gets an attorney. Once the apply for the class action level, it requires a ton more work. Mean while all the parties that are in the class action lawsuit can not have their services suspended.
It created an environment where there is no skin in the game for the person suing. They file the lawsuit, if it is tossed out, they lose nothing. If it succeeds, they get money. Mean while the company has to still offer the services that they are being sued for, they still have to spend millions of dollars to defend themselves from fishing expeditions.
All language in the EULA does is make it so Microsoft can suspend your services if you choose to sue them. It makes it unlikely for you to file random lawsuits to see if you can get something to stick. Mean while it offers you a way to get problems heard by a person in power without losing services.
Once again, if you feel that microsoft was wronged out enough to file or join a class action lawsuit, then you can, but you will lose your ability to use their services until after the court hearing.
There are thousands and thousands of people that have been part of a class action lawsuit with this type of language in it. If you owned a credit card, then you have taken part in a class action lawsuit even though the TOS banned such things. Courts very rarely stop a class action status because of TOS or EULA language. For the most part, courts do not veiw those documents as legally binding. Which is why the can only suspend you not remove you.