IP Bypass will only skip spam checking and greylisting for that IP, and will apply those spam checks to the Received line preceding that server in the message envelope chain. We'd need to see the full message headers and SMTP/Delivery/Spam Checks logs to see what IP is ultimately being scanned and failed.
I think in this case you're looking for either a whitelisting or finding the root cause behind the SPF failures. Do you use 1.1.1.1/8.8.8.8 for DNS or do you have your own servers in place? Perhaps O365 recently added to their SPF and you have a cached result in there?
Kyle Kerst
IT Coordinator
SmarterTools Inc.
www.smartertools.com