The $\ce{O + O2 + M \to O3 + M }$ does appear written as such in many texts and is unusual in that other atom-diatom reactions that have been studied do not seem to need any $M$, such as $\ce{OH + Cl \to HCL +O}$, $\ce{ H +NO2 \to OH +NO}$, $\;\ce{F + H2 \to HF + H}$, $\;\ce{O +HCl\to OH + Cl}$ and many others. How a reaction proceeds depends both on the shape of the potential surface between the four species involved as the reaction evolves and on how much rotational and vibrational energy the diatomic has and the mutual approach velocity.
There could be two reasons for writing the reaction with $M$ given that a three body collision reaction is very unlikely to happen on statistical grounds and that is either that the nascent ozone has so much energy that it needs a collision with a third body to remove this energy to stabilise it, or that a transient complex is initially formed such as $\ce{O + M \to OM}$ or $\ce{O2 + M\to O2M}$ which then reacts with the remaining species to give products. The $\ce{I + I \to I2}$ reaction proceeds via an $IM$ intermediate, for example.
(Any linear momentum considerations can be accounted for by different velocities after reaction and changes in rotational energy levels for angular momentum conservation. The $\ce{O3 + O \to O2 + O2 }$ reaction has quite a large activation energy $\sim 18$ kJ/mol so the reverse reaction probably has a larger one making it even slower that this one).
Update in response to questions
The energy the two species have for reaction is relative to their difference in velocity, this may be quite small relative to any dissociation or activation energy. At $400$ K the average thermal energy is only $\approx 265\;\mathrm{cm^{-1}}$. The ozone and oxygen vibrational (B=rotational) (all frequencies are in wavenumbers) O2, 2063 (B=1.4) and O3, 1110,705,1042 (B=3.5,0.4,0.39) so the molecules are vibrationally 'cool' and rotationally 'hot'. The O3 dissociates at $\approx$ 11700, i.e. a huge energy relative to thermal energy, but not to UV photon energy.
When then O+O2 species approach (or any A+B species) they experience one another's potential before collision (they are not hard spheres) this potential is, approximately, of a Lennard-Jones type so the species are attracted initially and move towards one another at a distance many times typical bond length. At close range repulsion can occur. A reaction may occur provided the energy is not too great or too small and the approach trajectory correct or the O and O2 will partially orbit and then separate. (see figure from https://chemistry-maths-book.com/chapter-11/). Typically this last event is the most likely.
If reaction can happen the transient species $\ce{OO2}$ forms. The presence of the extra O atom will weaken the O2 bond and energy is transferred into new vibrations (this will take only a few picoseconds) and reaction may be complete, most of the time however the transient species falls apart with a bit of energy having being transferred between the departing species. If an O3 molecule is formed it has all the energy of the collision but this is small compared to dissociation energy and so the molecule will be stable but initially be vibrationally and rotationally 'hot'. This will remain so until a non-reactive collision with an other species removes some energy and thermalises the new O3 molecule. How long this takes depends on the pressure, but at experimental pressures of a few torr, will occur within tens of nanoseconds
The impact parameter is the distance away from the line of centres. This diagram is for spheres, but should give the general idea even for a slightly no spherical molecule such as O2.