This is a great innovation
The important thing is to have a single point of failure and this is a great step in that direction as you would be hard pressed to find a more failure-intensive service than Azure, which vanishes globally on a fairly regular basis and locally a few times most weeks.
The other great thing about Azure, as a developer working with it, is the way that although it behaves as a single point of failure, it has no equivalent single point of sign-on. By no means! You have to have nine different Microsoft accounts to access your subscription, although they can all have the same credentials, you still need to know which of the identical accounts you need to sign in with to any given part of the service, or it won't work.
So single-point-of-failure but no single sign-on. That is how The Cloud is supposed to work, isn't it?