To be fair. MS is showing games. It's games we all know about, but they are showing games. This conference lacks and "WOW" factor though.
I think the main problem is for people who were hoping for new things from MS.
Aside from a few oddities (generally indies, but FF XV and Tekken 7 were welcomed additions), it was all Forza, Halo, Gears, KI, and also doubling down on Zombies (DR4 & State of Decay) as well as Sports.
Now, as a PC/ PS4 player, I found the presentation very interesting as in it gives me access to all the new MS 1st party titles with the new Play Anywhere, but I could see where even beyond the leak it wasn't a very "Hype" presser, beyond the MS core fan group (which the presser seemed tailored for).
The Scorpio could have been a big one, but too many buzz words and releasing a year and a half from now is just really weird. Sony will have plenty of time to augment its domination between PSVR, PS4 Neo and whatever they may have in store for fall 2017/ 2018.
The Slim Xbox One S could also have had the potential of being well received (at leat in the US - where I'm sure it will have a bump anyway), but the pricing is weird.
The current XB1 price is $299. Here is the Slim pricing accoding to Verge
Available in August from $299 for 500GB, $349 for 1TB and $399 for 2TB versions.
Not much of a splash, unless you value the Blu Ray UHD player it seems.