Microsoft documents the bounce as: 550 5.7.515 Access denied, sending domain <domain> does not meet the required authentication level. It comes from Outlook.com consumer mail (Outlook.com, Hotmail, Live.com).
Microsoft's high-volume sender requirements apply to domains sending 5,000 or more messages a day to Outlook.com. Such senders must publish SPF and DKIM, publish a DMARC record, and pass DMARC by aligning SPF or DKIM with the From domain. Microsoft said non-compliant mail would first go to Junk, with rejection to follow.
example.com. TXT "v=spf1 include:spf.protection.outlook.com include:mailgun.org -all"
d=example.com, not the vendor's domain.p=none):
_dmarc.example.com. TXT "v=DMARC1; p=none; rua=mailto:dmarc@example.com"
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