Throw $7 billion at that (that's easily like 50 AAA exclusives), Netflix-style, and see what works. What they should have done, like 10 years ago is hire some people with taste to build internal studios. And the few games to sprung out of that look bland and uninspired. They bought a bunch more studios in recent years, some iconic names with beloved titles under their belt. And Ensemble Studios, if anyone remembers. Then Microsoft bought them on a whim and what happened? Flop after flop, 360 avatars, Kinect shovelware. Rare was a Nintendo exclusive developer for 8 years, producing dozens of award-winning games for their platform. It's completely artificial, no chemistry. Microsoft, in comparison, never bothered to build a strong culture or relationship with their developers first, they just buy shit because they have a few billion dollars of Windows-money lying around. Usually these relationships grow naturally, over many years. Sony bought Naughty Dog in 2001, after it had been a platform-exclusive developer for half a decade. To further put this into context: Nintendo recently bought Next Level Games after it has produced exclusive games for their platforms for 15+ years.
Talent leaving iconic franchises because they dislike the new corporate culture, stuff like that.
I'm less worried about future Bethesda games being Xbox-exclusives, it's more this consistency with which Microsoft has previously run successful studios into the ground. That would be an Xbox problem but if they just keep buying studios, they're forcing their culture on a larger part of the industry. It seems they're incapable of managing their own studios to consistently produce successful releases. Modern AAA games can easily take 7 years to make but still. I've heard the "we're focusing on new exclusives" line for like 5 years. I wouldn't even care about what Xbox is doing but they're just rubbing it in at any chance they got so it's annoying.