I think some like yourself perhaps confuse Microsoft having arguably weaker or less prominent exclusives with them not actually caring for them. Right now the console exclusives are the key thing that is bolstering their services. If weren't for the exclusives, simply put Game Pass wouldn't have nearly the same draw or appeal, and without those console based software sales, nor would the revenue justify them.
Likewise, if competitor streaming options had better exclusives than Microsoft's, consumers would sub to competitor streaming options instead (much like many presently do with consoles). Microsoft clearly recognises this and also do care for exclusives, seeing as how they've acquired many studios that will presumably create predominantly exclusives. Selling console hardware and individual software, is still extremely lucrative, so there's no reason they'd want to disregard that side of things either.
A streaming future?
Whilst streaming may be a key part of our gaming future, right now none of the sales data or stats support the notion that console gaming is shrinking or will suddenly and dramatically be replaced by streaming any time soon. With console gaming, presently the complete opposite is true, console gaming has seen huge growth and exclusives matter now as much as ever. Also, the consoles and platforms that have the best or most appealing console exclusives, are dominating the gaming market in both hardware, software and service based revenue.
Posts like yours are eerily reminiscent of the misguided posts that propped up prior to the last gen, where people similarly were predicting the death of consoles and a complete switch to all digital, mobile and/or service based gaming. Now the next big boogeyman to wipe out console gaming is streaming. The cycle of bad predictions never ends.
The reality is, consumers like having a single device (console) to reliably and efficiently play their games on. Besides, streaming platforms/tech, nor Internet infrastructure, is at a point of global fruition to be able to flip things otherwise, nor will it be any time soon.
Hell even if it were, I doubt console gaming would be that much more diminished, since the appeal, consistent performance and reliability is simply there, especially compared to streaming options which could suffer lag, latency, connection drop outs, data cap issues and all sorts. Not to mention many won't find the idea of paying for several different concurrent streaming subscriptions at the same time particularly appealing. To your specific example, any region that doesn't have consoles at all or has extortionately priced ones, is likely to also have poor and extortionately expensive Internet infrastructure and services too. Infact in many less prominent but growing gaming markets, poor Internet infrastructure, reliability and bandwidth regulations, are some of the key issues or concerns, which sort of further diminishes the point.
