I know we don't have full info on the PS5 yet, but... PS5.
It's not just the exclusives and Sony's general knack for fostering the community, it's that Microsoft has yet to truly show that it has learned from some of its bigger mistakes in the Xbox One era.
I don't want to oversimplify, but Microsoft has a way of making the Xbox feel... well, Microsofty. That is, bland, corporate and mediocre. The UI feels like it was developed by the people who made Windows. And you can predict how most of Microsoft's in-house games will turn out: they'll be okay, possibly have a clever mechanic or two but never come close to the stature of Sony exclusives like Horizon Zero Dawn or Uncharted. For every Forza, there's five Recores or Crackdown 3s (both benchmarks for crappy Xbox One exclusives).
The Hellblade demo for the XSX is cool, but it's just a canned sequence. I want to see "why didn't we see this earlier" titles that make you find room in your budget for an Xbox, and we might not see those for months, if at all.