I think Microsoft DOES have a lot of work to do in order to improve their image. Their premier franchises are in serious decline, and they seem to be doubling down on them rather than investing substantially in new products. I just think there's a lot less excitement for the Xbox brand these days than during the early 360 cycle where Gears wowed audiences and was an exclusive next gen showcase title, Halo 3 released to humongous popularity, and they rode the wave of key multiplatform pillars like CoD. It all seems rather ho-hum. The Xbox One is the only Xbox product I have not owned, and I just fail to see any compelling reason to do so. I'd like to be proven wrong, and I'd be much more excited with Microsoft announcing lots of really cool, tangible games and new properties than I would if they simply announced a powerful system upgrade.
I don't really see a large consumer base that previously owned a PS4 somehow switching to Xbox Scorpio just because it could be more powerful. It would have to involve either huge missteps by Sony, or Microsoft offering REALLY compelling exclusives.
Right now I don't think either is all that likely, so I think the dust has pretty much settled in terms of ecosystems. This gen was pivotal in establishing that since digital is now more common and the current systems weren't backwards compatible at the time, so there was little risk in switching.