Microsoft Minecraft uses this error to keep the adult content of games away from children who play on xbox live or nintendo using a child's account.
This notification is sent majorly to child account holders, because they can access limited content of games.
Only the parent account holder can allow some changes to the child’s account.
Microsoft has made aka.ms account setting feature to make sure childrens don’t get exposed to games adult content. However, Microsoft has also made it very easy for the user to change the account's privacy settings. All these settings can be changed anytime, you can go back to default as per your suitability and requirement.
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So, this is the reason why you get aka ms account setting error while playing minecraft and this is how the parent account holder can modify privacy settings according to their choice and family’s comfortability.