UPDATED 8/14/2018:
As we previously announced in MC138148, we will be providing an option to opt out of the versioning setting update. You can start opting out today using SharePoint Online Managem...
Updated Aug 22, 2018
Version 8.0
Blog Post
Greetings all - okay as noted above it is my understanding that existing libraries will have versioning enabled and be updated to the new minimum. Today a user had an issue with versioning as the library was only set to 5 major versions. Now when reading the above again it sounds like this will be rolled out to tenants in October 2018 so it appears this hasn't been updated for our tenant yet and I should be patient - although I did go ahead and manually change the versioning settings to a few of the more critical libraries today.
Not sure if required but still went ahead and set "EnableMinimumVersionRequirement" to True....
Will remind users about other options for working with AutoSave - especially for those documents they want to use as templates, etc.
Wanted to post here to see if anyone else has come across this yet....I was originally going to post and see if there was a PowerShell command to change the versioning for all libraries but again will wait for this to be rolled out to our tenant....hopefully soon!
Cheers!