1. Xbox games, even in this somewhat disappointing gen, has its unique position with multiplayer (Halo is Halo, Gears has some of the best splitscreen coop content, SoD2 is high budget coop survival, and now SoT, and hopefully Grounded. All those games have momentum, or least a good niche, going forward.
2. They got some niche PC-centric high-production games with little competition in those spaces. Gears Tactics, Halo Wars, AoE, Flying Sim. SoD2 and Grounded fit here as well. They will both sell on steam and be exclusive on console.
3. Still supporting Minecraft well, and they are trying enough ideas in that space (story mode, dungeon, etc, maybe they'll add Steve to a new KI).
4. The BC team hasn't exactly shown what they've done yet. If there are interesting boosts in performance or features, this can still stand out vs PS5. This can be very exciting for a subset of users.
5. Game pass and indie, especially as indie games are having it a bit rough (generalization) on PS store for visibility and sales. People keep saying AAA don't get on GP, which is wrong, considering that KH3, DMC, etc have been on there. Even if most won't be there, high profile indies will be very attractive for many players.
6. xCloud streaming as extra value extended from GP. Also fortunate that Stadia can't get its act together.
They are not banking everything on Kinect this time around (and they survived that one), instead having multiple advantages appealing to different audiences. They won't "beat" Sony unless Sony does something monumentally stupid, but Xbox will do very well still.