I agree with both Nadella's statement and your version of it, brainout.. Telemetry. It's not just about hardware, anymore. Security is just as big an issue.
I really don't understand why anyone would think of Microsoft as a security threat, including businesses. Tons of us use Microsoft's antivirus and firewall, just for starters. Telemetry has been going on at least since Win7, and it now appears that Enterprise will be able to disable it entirely if they so choose. Virtually all of them use antivirus products which routinely "phone home" and that they trust not to compromise their data and their privacy. Companies like Microsoft and the various antivirus and antimalware makers don't want to know "everything" because of the liability that would put on them if "everything" were to be compromised. They're nervous about anything that might transfer liability to themselves for information/data/systems that are not their own.
Lots of businesses will be perfectly OK with telemetry related to hardware and software - the ecosystem - that doesn't include actual business data if that allows the Windows OS to be made more secure/less vulnerable to attack.
I've worked in environments where all machines are imaged precisely as the enterprise want them to be. I see no reason to believe this won't continue to be the case and those in charge will decide whether or not their images will allow telemetry at all and, if so, at what level.
I don't see it as likely at all that Microsoft will be viewed as a security threat. There are many, many, many more likely threats that actually deserve attention.
Brian AKA Bri the Tech Guy (website in my user profile) - Windows 10 Home, 64-Bit, Version 1803, Build 17134
. . . the presumption of innocence, while essential in the legal realm, does not mean the elimination of common sense outside it. The willing suspension of disbelief has its limits, or should.
~ Ruth Marcus, November 10, 2017, in Washington Post article, Bannon is right: It’s no coincidence The Post broke the Moore story