I think his point was that, from a marketing perspective, and their current need to push Game Pass subs, bundling COD with the console, would go against that. If you are giving people the game (and you are expecting it to drive subs), then you have essentially eliminated that reason. Now, of-course, if driving hardware sales was their goal, that would make sense and both Sony and MS have done COD bundles in the past for those reasons
One can argue that they should convert people into their ecosystem first and then sell them the sub; and sure, they can do that but COD wouldn't be the driver for that anymore. And of-course, right now, Xbox's main issue hasn't been Game Pass. It's been the highlight and they need content to attract people to the sub. And also their shifting priorities might also be why we don't have a bundle but I think his point is still a valid one.