I started to try to answer your question, but I found that the GrapheneOS account gave an answer. Here are quotes:
> microG still heavily uses closed source Google services and even downloads executables run with the full privileges of microG. It downloads and runs droidguard with the privileges it has, giving that full access to the privileged access granted to microG.
> microG has repeatedly had vulnerabilities leaking sensitive data to apps including location data. The approach of having an extra service sitting between apps and the OS which handles sensitive data means having to add all the same privacy and security checks as Play services which microG doesn't do in practice and it has caused severe privacy leaks. The main location leakage was eventually fixed but it persisted for years and there are still holes in the location service causing privacy issues.
I also regularly try to explain to people why microG doesn't make sense. It's more of a big picture thing so it's hard to explain briefly. Consider why people would even install microG. It's only helpful for people who have apps that rely on Google Play Services. Those libraries can have fallback implementations and run even without Google Play Services or microG
Sandboxed Google Play is installed as a regular app. It has the same restrictions as other user-installed apps. If apps have Google libraries that don't need Google Play Services or microG are installed with regular apps, they effectively have the same access as Sandboxed Google Play. If those same apps are installed on a device with microG, Google effectively has the same access, big picture.
GrapheneOS's priorities are privacy, security, and app compatibility. There are issues with microG as far as privacy goes, as already noted. It requires privileged permissions to even work properly, and even microG admits that its reimplementations of Google Play Services features are incomplete, so it's worse in terms of app compatibility too.