As per my research, you cannot save Matplotlib output to Azure Blob Storage directly.
You may follow the below steps to save Matplotlib output to Azure Blob Storage:
Step 1: You need to first save it to the Databrick File System (DBFS) and then copy it to Azure Blob storage.
Saving Matplotlib output to Databricks File System (DBFS): We are using the below command to save the output to DBFS: plt.savefig('/dbfs/myfolder/Graph1.png')
import pandas as pd
import matplotlib.pyplot as plt
df = pd.DataFrame({'fruits':['apple','banana'], 'count': [1,2]})
plt.close()
df.set_index('fruits',inplace = True)
df.plot.bar()
plt.savefig('/dbfs/myfolder/Graph1.png')

Step 2: Copy the file from Databricks File System to Azure Blob Storage.
There are two methods to copy file from DBFS to Azure Blob Stroage.
Method 1: Access Azure Blob storage directly
Access Azure Blob Storage directly by setting "Spark.conf.set" and copy file from DBFS to Blob Storage.
spark.conf.set("fs.azure.account.key.< Blob Storage Name>.blob.core.windows.net", "<Azure Blob Storage Key>")
Use dbutils.fs.cp to copy file from DBFS to Azure Blob Storage:
dbutils.fs.cp('dbfs:/myfolder/Graph1.png', 'wasbs://<Container>@<Storage Name>.blob.core.windows.net/Azure')

Method 2: Mount Azure Blob storage containers to DBFS
You can mount a Blob storage container or a folder inside a container to Databricks File System (DBFS). The mount is a pointer to a Blob storage container, so the data is never synced locally.
dbutils.fs.mount(
source = "wasbs://sampledata@chepra.blob.core.windows.net/Azure",
mount_point = "/mnt/chepra",
extra_configs = {"fs.azure.sas.sampledata.chepra.blob.core.windows.net":dbutils.secrets.get(scope = "azurestorage", key = "azurestoragekey")})
Use dbutils.fs.cp copy the file to Azure Blob Storage Container:
dbutils.fs.cp('dbfs:/myfolder/Graph1.png', '/dbfs/mnt/chepra')

By following Method1 or Method2 you can successfully save the output to Azure Blob Storage.

For more details, refer "Databricks - Azure Blob Storage".
Hope this helps. Do let us know if you any further queries.