There will definitely be another Xbox, as a short and simple answer.
The question is what, exactly, Microsoft is going to do Game Pass, with xCloud, with "Microsoft Gaming" as a whole. The Xbone (that's
crossbone, y'dig?) announcement with all the anti-consumer DRM and always online bullshit absolutely torpedoed Xbox itself, after a couple years of super god awful trend chasing at the tail end of the X360's lifecycle via Kinect. They also made the wonderfully brilliant series of ideas that included 1) Not buying Epic back before they became the Fortnite studio, 2) closing damn near every internal studio they had on both console
and PC and 3) doubling down on bad policies like requiring Xbox Live Gold in order to play Free-to-Play games.
Towards the middle to end of the Xbone lifecycle, things improved. They refocused. They started spending money in good ways, like working with Square Enix to make a pseudo-remaster of the Final Fantasy XIII trilogy. Even if those games suck (lol). They invested a ton of time and effort into making the Xbone (and by extension, now S|X) backwards compatible with many X360 and OG Xbox games. Partnered with indies, reversed a lot of dumb policies (including the aforementioned F2P one), and started picking up smaller studios that would help fill out their portfolio.
The issue is when they bought ZeniMax/Bethesda. They did that specifically because of Starfield, and specifically Sony throwing around the idea of tying that up as a 1-year PS5 exclusive via moneyhat, but like... that's a super knee-jerk move that I think is going to bite them in the ass. It'll move
some consoles, and it'll sell gangbusters on PC, but missing out on that Sony userbase will hurt. It's counterproductive to an extent, but I wouldn't really be shocked if Starfield does end up on PS5 after a year or two. For the same reason that, should the ActiBlizz deal go through, they're not going to yank Call of Duty from PlayStation. They'll do everything they can to incentivize people hitting that up on Game Pass, or otherwise playing on Xbox/PC, but again - gonna lose too much money not tapping that other userbase.
The vision with Microsoft Gaming seems to be an extension of the initial Xbone stance, just without the bitter pill: They don't want to be a console, not really, they want to be your gateway. They want to be the device under your TV that takes you to a huge library of games and other forms of entertainment on the fly - downloaded (Game Pass) and/or streamed (xCloud). To accomplish that, as they've sort of done with Nintendo already through Minecraft, they want to put Xbox Live onto other consoles and devices. I don't know how responsive Nintendo would be to extending that further, and Sony would need to be completely forced to accept it, but... that's their endgame.
Xbox itself is just keeping the door propped open in the meantime. And for that door to not close, they really need to start throwing a ton of money at Japanese studios.
Not to purchase them (lol @ Sega buyout rumors for 20 years and counting), but simply to ensure games quit skipping the platform. It's asinine that Xbox has Final Fantasy VII: Crisis Core Reunion, but not VII Remake. It's fucking stupid that X360 has Star Ocean: The Last Hope (SO4) and The Last Remnant, but Xbone didn't get either of their 4K Remasters. It's dumb that Xbox has SO4 and SO6, but didn't get First Departure R (SO1), Integrity & Faithlessness (SO5) and doesn't seem to be in line to get Second Story R (SO2) either.
...And yeah I'm mostly salty because I'm locked into the Xbox ecosystem, am primarily interested in games from Japanese studios, and keep being denied.
We own everything besides the PS5, I simply just can't be bothered to change the channel. Also I prefer the Xbox controller after all these years.