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MI is an interrogative particle in Hebrew, meaning "who?". It is not a (relative) pronoun. So, yes, the name MICHAEL is a question: "Who is like God?"
Pslm 113 gives you a pretty good idea of the original meaning:

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Psalm 113:5-10 (New International Version)
5 Who is like the LORD our God,
the One who sits enthroned on high,
6 who stoops down to look
on the heavens and the earth?
7 He raises the poor from the dust
and lifts the needy from the ash heap;
8 he seats them with princes,
with the princes of their people.
9 He settles the barren woman in her home
as a happy mother of children.
Praise the LORD.

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So "Who is like the Lord?" is actually a rhetorical question, as the answer is obviously "no one." So in a way you could say, "Michael" is a statement: No one is like the Lord. But grammatically it is still a question.

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Does this answer your question?

personally i see it as a rethorical question.