Honesty, as someone who's been gaming on Xbox since the original console it's the single biggest letdown and main reason I will most likely be jumping ship to Playstation for this new generation.
IMO, Microsoft still hasn't learned one of, if not the single most important lesson from last generation. You can have the most powerful console with all the bells and whistles (4K, 8K, 120 FPS etc...) however, at the end of the day it's good exclusive titles that bring people to your platform and keep them there. I genuinely believe Microsoft has completely failed in this regard.
It's been very frustrating to see Microsoft spend far too much time and resources bragging about how powerful the Series X is, placing way too much emphasis on the console (their entire next-generation marketing strategy revolves around the tagline "the fastest, most powerful Xbox ever") instead of focusing on and ensuring they have a strong launch lineup with good exclusive titles.
Microsoft's current first party launch lineup is an absolute disaster, easily the weakest we've ever seen. The other thing that really bothers me is the overwhelming reliance on Halo, Gears and Forza. I was never into Forza so after I lost interest in Halo and Gears there's really not much else. Microsoft has not produced anything that's generated the same level of excitement or anticipation as new entry in those franchises use to. I lost interest in Halo after 5 and I felt Gears ran it's course after 3 and Microsoft hasn't produced a single noteworthy first-party IP in what feels like eons.
So they can continue to market how powerful it is, how fast and quiet it is, how well it runs BC games etc... Until they get their act together and start to produce good exclusives again, I'm out.
Perhaps in 2-3 years when we begin to see the fruit of their studio acquisitions but at this point I have a hard time seeing why people are so eager to pre-order.