FYI it was a Microsoft O365 configuration issue, indeed. In our hybrid
environment (O365 + Postfix) a routing configuration that is commonly
enabled in O365 (called "inbound connector") generated that loop.
After a few weeks of mail exchanges with Microsoft support they gave
us the solution. If you want to know more about O365 mail routing,
they sent me this article:
https://techcommunity.microsoft.com/t5/exchange-team-blog/office-365-message-attribution/ba-p/749143
.
Thank you for your help and have a nice day.

Il giorno gio 19 mar 2020 alle ore 12:20 Wietse Venema
<wie...@porcupine.org> ha scritto:
>
> > > 14 times 
> > > db8p195mb0565dd65da92d1861c8946u48c...@db8p195mb0565.eurp222.prod.outlook.com
> > > 14 times 
> > > vi1p195mb02560627a8aa5227c95208cd80...@vi1p195mb0256.eurp222.prod.outlook.com
> > > 14 times 
> > > vi1p195mb0463506au7u3dc47au795a8u92...@vi1p195mb0463.eurp222.prod.outlook.com
> >
> > That proves that email is really going back and forth between
> > your site and Microsoft.
> >
> > > I think I'll try with Dusan advice and let you know. Feel free to
> > > suggest something else if comes to your mind.
> >
> > DO NOT STRIP Received: headers. THAT WOULD BE A HUGE MISTAKE.
>
> Where should the above email be delivered? MICROSOFT or POSTFIX?
>
> - If this email should be delivered at MICROSOFT, configure MICROSOFT
>   so that it does not forward this email to POSTFIX
>
> - If this email should be delivered at POSTFIX, configure POSTFIX
>   so that it does not forward this email to MICROSOFT.

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