I disagree with the idea that somehow MS has to cover every base with first party. Would that be nice, sure, but you can cover holes in FP output with quality third party deals. Its more important to have an identity.
Sony - is big time cinematic/third person action adventures
Nintendo - is the Disney of video games. Instantly recognizable mascots/family friendly
Microsoft looks like they can establish themselves as a absolute powerhouse of RPG and FPS games.
They have indie and third party deals + Game Pass to help cover any weaknesses. At the very least until they are able to put together quality first party offerings in those genres.