I agree with most of this post, but I don't think Microsoft plays it too safe. In the AA space they took a lot of risk with stuff like grounded, Pentiment, Hi-Fi Rush, MS flight simulator, and a few others. I guess you can say in AAA space they don't take enough risk except for Forza Horizon series, but the series plays it safe these days.Honestly I don't know what Microsoft can do to be the best console to play on. Even if they buy all these studios they have a track record of not being able to fully utilize them. The problem is they like to play shyt too safe when it comes to gaming. That's why Sony always has the upper hand. They never buy the old talent or studios. They always buy new studios with fresh ideas. Sony is more than capable with bungie to come with a competitor to Call of Duty once the Activision deal goes through. Even thought Call of duty will probably still be on Sony consoles for a few more years, I think they definitely will try and make an attempt to compete with the COD franchise.
I agree that Sony earned the reputation of handling Bungie better than Microsoft would, but we still have to see how Sony handles a live service game since they're unproven in that regard. However, if they fund Bungie and let them do their thing they should make a GaaS hit