I couldn't care less either way. It's clear that Xbox is desperate at this point as they have shown a massive hole in their ability to manage their own studios/games. I don't think Xbox would "go away" if this deal fails to go thru, but it could have an impact on Xbox's future if it doesn't happen... who knows what that could mean.
For the sake of competition this deal might have to happen or some form of this deal. If MS/Xbox cannot get all of AB, they must have back up plans, and I wonder if it's to make the purchase "smaller" like instead of all of AB maybe just some parts of it? Or maybe just outright buying individual IPs. I think the price is just so high that it demands this kind of scrutiny. If this was only a $20 Billion purchase it would have been closed by now.
Unfortunately, I think there is some "ego" involved in terms of the FTC. Every CEO, President, Chair or whatever wants something "big" on their resume. You want your stamp on history/company, I feel like this Chair is trying to get a "big one" on their resume.