Before I hit play I said "if leadership isn't mentioned this was a waste".
Leadership came in about a minute in.
You know what chafes my cheeks is that Spencer gets away with suggesting to buy Nintendo while simultaneously allowing current studios and IPs to languish. The last few XB published games have been notoriously underwhelming and he's ticking along with zero effective input on changing the outlook or strategy. He will tell you on camera their next big game won't move the needle, and seemingly doesn't do anything about it.
After Halo Infinite's brutal few years only then did they do something. This experience did not change course for Redfall, which also was unbelievably horrid. This experience did not change course for Starfield, which was woefully short of expectations. Nor did that experience change course for Forza, which is looking like a large chunk of the development time was heavily mismanaged from the ground up.
That's the stuff that keeps them in third. It isn't enough to have head starts (online, hw launch), or to be given golden gooses (Halo), or to have a seemingly endless checkbook from Papa Gates.