I can see the vision of what Phil Spencer wanted Xbox to be. Look at how Nintendo essentially has a game every month, peppered in with classic games being made available and 3rd party offerings. If Microsoft had managed all it's teams and acquisitions well, you could in theory see a new MS 1st party exclusive every month, mixed in with adding classic games and licensing 3rd party titles for gamepass. You add in a mobile store component and have gamepass be like Netflix for games, one subscription across any device to play games.
The problem is Microsoft has had horrible project management across the board and seemingly can't get anything released timely and/or in an acceptable state. All their big ips either are at their lowest point (Halo, Gears), far off from getting new titles (Fallout, Elder Scrolls), or are too big and must be multiplatform adding no value to the Xbox brand (Minecraft, CoD). Beyond that you have/had smaller studios like Tango, Double Fine, and Ninja Theory who's games never lit up sales charts but were critical darlings and greatly appreciated by your audience. That was fine when there was a belief that gamepass/streaming was the infinite money valve and the big games would subsidize the smaller ones. Tragically the big games are nowhere to be found or are under performing expectations, leading to the current disaster.