I honestly think Microsoft is going to do mostly fuck all with all their franchises. They bought half the IPs in the industry and still struggle to release more than a couple of games each year.
Those IPs are now just assets so that nobody else can use them.
They leaned way too far into <CURRENT DAY> Western videogame dev ideology. Everything is derivative as fuck, all it has to have is a cast of "diverse" characters to get games journos interested and stuff keeps getting delayed because the people they have working for them are lazy/incompetent fucks.
You can buy all the studios you like but when they are filled with trannies and people who actively hate/have no interest in gaming then you are sort of fucked from the get-go.
The Japanese have been eating their lunch and now even some of the other Asian countries and Euro-jank devs are getting their shit together as well. Western devs still make the odd gem but it is almost a surprise when it happens at this stage. Xbox being the main platform of most Western developed stuff ended up being a death sentence for it.