Talent is everything, especially in creative industries. And time is more valuable than money. It remains to be seen what projects Microsoft will get out of the acquisitions, I certainly hope for the best, but it should be clear to everybody that you can't just buy studios and give them some money and hope that they'll immediately be able to match the kinda output that Naughty Dog or Sony Santa Monica produce. As an analogy, look at the Music industry. You can't seriously hope to match what the Beatles were doing by you just putting a bunch of people together and giving them some money, even if it's an asston of money. It takes a whole lot more to get to that kinda level of quality.
And I think Microsoft is aware of that. Look at Turn10 as an example. Back when they started on Forza, it was clear that they wouldn't immediately be able to compete with Polyphony... but give it some time and let them focus and boom, today they are not just competing, but are on top.
At Moon, we started in 2009 and it took us a good decade to build the pipelines, toolchains, grow the team and acquire the talent necessary to make the project we're working on after Will of the Wisps. If we'd have gotten a AAA budget right from the get-go, we would've still had a hard time competing with already well-established teams back then. But today, we're locked and loaded and can compete on the highest level, exactly because the team went through 10 years of experience, grind, teambuilding, etc.