Hello Rob,
The "Microsoft Baseboard Management" service principal is indeed the first-party service principal used by Exchange Online during dual write operations to Azure Active Directory (AAD). For example, this service principal may be used when creating mailboxes directly in Exchange Online Appears in the audit log as the person who created the user account. These audit log entries refer to create/update/deletion operations performed by EXO on AAD. These entries are informational in nature and require no action.
To track the specific events that prompted the creation of this user account, you may need to search the Office 365 unified audit logs within the time range of the activity. This may provide a better understanding of the actors who initiated the request in Exchange Online. For more information, please refer to: https://www.jasonfritts.me/2020/08/04/what-is-microsoft-substrate-management-and-why-is-it-creating-users-in-my-tenant/(Please Note: Since the web site is not hosted by Microsoft, the link may change without notice. Microsoft does not guarantee the accuracy of this information.) https://learn.microsoft.com/en-us/answers/questions/489406/audit-logs-activities
Hope the above information is helpful to you!
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