This is why I don't even consider buying an Xbox Series X. People keep saying that it will improve now that Phil Spencer is in charge. Really ? Phil Spencer was in charge of Microsoft Studios since 2008, he was there, leading the exclusive developers at the end on the 360 era when they shifted to Kinect games and was there at the beginning of the Xbox one era, exclusives games weren't that great at this time either. He is also in charge of Xbox since early 2014, sure changing things takes time but it's been 6 years ! And I don't see a trend of improvement in their exclusive games' offer. The recent years output has been pretty bad, with the notable exception of Ori and the will of the wisps and to a lesser extent Gears 5 : Sea of thieves, crackdown 3, stay of decay 2, bleeding edge… All these games had a pretty average critical reception. I found this worrying for the future.
There's still hope since they acquire some studios but I won't put a lot money on huge improvement in 1st party games nonetheless. I can see the potential of Obsidian but other than that… Playground games are excellent but they were already working exclusively for MS so this is not gonna change anything. The Initiative is a brand new studio that has everything to prove. Ninja Theory is the studio that is the most mentioned when people talk about these acquisitions but people act like they are some sort of CDPR or Naughty Dog, but they aren't. Their track record is average at best (Kung Fu Chaos, Heavenly Sword, Enslaved, DmC, Disney Infinity, Hellblade are all pretty meh in my opinion) and their last game, Bleeding Edge, is a critical failure.
On the other hand, Sony is still pumping out highly anticipated and critically acclaimed exclusives on a yearly basis even in the last year of the PS4 with NiOh 2, Dreams, FF7 Remake and with TLOU2 and Ghost of Tsushima on the horizon. I think this instills confidence in gamers to buy a PS5. It is for me, at least.