From a story earlier,I suspect they will add some novel image generator capability at some time. The only catch is I believe you still have to have a paid Office/Microsoft 365 subscription to get this feature. Someone has to pay for all those compute cycles.
Microsoft takes AI image generation mainstream, strolling into ethics minefield
Microsoft sidesteps AI-powered art debate, embraces image generation as a tool for creatives.
arstechnica.com
Image synthesis tools are only going to become more and more mainstream.