Managing personal Outlook.com account settings, security, and privacy
This is a similar thread: https://answers.microsoft.com/en-us/outlook_com/forum/all/exceeding-email-message-storage-allowance/b827e6d9-9721-4eef-921d-75d08ded9469
That warning seems to be for OneDrive storage. I don't store/sync anything to OneDrive so I can't help much. You might want to read this article if you want to find out more about Onedrive/mailbox storage limits: https://support.microsoft.com/en-us/office/how-does-microsoft-storage-work-2a261b34-421c-4a47-9901-74ef5bd0c426
more info (edited on Feb 28)
So it has become clear to me now that our mailbox mail attachments count towards OneDrive storage limit (5 GB). You don't have to store anything in your OneDrive storage to use up the 5 GB limit. If you have 5.1 GB total mail attachments in your mailbox, that counts toward your OneDrive 5 GB limit. Your mailbox may still be under the limit (15 GB) but OneDrive is OVER the limit because of mail attachments. It will trigger the warning and may stop you from sending/receiving email until you delete them to make some room or subscribe to their service. Money grabbing scheme if you ask me.