Microsoft has deprecated the Encapsulated PostScript (EPS) image filter as of the April 2017 Product Update, due to security vulnerabilities in EPS files that can be exploited via the EPS filter. The KB article https://support.microsoft.com/en-us/help/2479871 contains more information and instructions to re-enable the filter, if necessary.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]

Is there any information whether they disabled the EPS filter permanently or actually plan to fix it later? Re-enabling the filter is quite complicated; I gave up and uninstalled the update altogether (KB3141538 in my case).