Having these games on gamepass isn't business as usual. Being able to reap the profits from their releases isn't business as usual. Being able to leverage these games to sell the concept of X Cloud isn't business as usual.
To provide another example, Minecraft is on Playstation, because Microsoft recognised the value of that brand. Exclusivity harms the value of the intellectual property, while increasing the value of the products it's associated with. If Minecraft were exclusive to Microsoft, then it would have increased the value of game pass, XBOX, and the XBOX game store, at the expense of the value of Minecraft. As it reaches less consumers, and other developers endeavor to fill the void that it left behind.
Having something like Elder Scrolls, exclusive to XBOX, will in time reduce the value of that brand so long as there are 100 million plus active gamers on Playstation that won't be able to play.
Microsoft won't ignore the value of that and I think that they will leverage the exclusivity and marketing rights to these games on a case by case basis, to strengthen the value of their ecosystem without seeking to drastically reduce the reach of these brands.