I think he did a better job than the people who was there before him and that since he's there they do a superb work in terms of PR: they know how to spin anything to make them sound good.
I think he also did with their MS Gaming division (formerly known as Xbox) what it's best for this corporation: to move their gaming from Xbox to PC and mobile slowly to don't alienate their fans and after noticing they can't compete against Nitendo and Sony selling consoles and games, to give a twist to their business model to see if they can be market leader in other areas where MS as corporation is also focused and interested: subscriptions and cloud. In this case game subs to rent games instead of buying them and cloud gaming: their own version PlayStation Now or Netflix.
I think he also did a good job refocusing the XBO and later the Series gen, and making strong investments to solve one of the issues they had when compared to Nintendo or Sony: they had a way smaller number of top tier gamedev teams and iconic gaming IPs.
Having said that, I think their bold move of including all their games day one on PC and GP, plus many indies and from time to time some big 3rd party AAA multiplatform, plus to give all the options to get free months of GP or almost free I think it's a good idea to make it grow fast during the early years and it's a long term investment, but also think that it's very unprofitable and that will make even harder to recoup the money from the big acquisitions etc. and I don't see how they will adress it in the long term.
I think that the strategy of growing by big acquisitions is limited, and works now but won't work some years in the future one MS and the other big players will have already aquired the big 3rd party players. In fact, MS already bought the biggest 3rd party player so the other ones they may buy in the future (with Valve as exception, but I assume regulators won't allow MS, Sony or Tencent buy Steam) will have a smaller effect.
I also think that most people around the world won't have capable (not data capped) internet connections to play regularly and with a good enough quality in cloud gaming specially in phones until let's say 10 years from now or maybe more. And that yes, there are supposed to be 3B players but only under 500M, probaly under 300M are interested on the type of games GP includes.
Most players, way over 2B are from mobile and are interested on casual games instead. And well, only a portion of the players interested on the type of games interested on GP are interested on paying on subscription because they mostly only play F2P games. So being very optimistic I think GP could reach a top of 100M subs after many years and big acquisitions, but being realistic I think they'll struggle to pass the 50M mark.
I think Phil did a great job and made many steps in the good direction but I still don't see their end game with their current strategy, I don't see how they plan to turn their gaming business into something profitable. I'm worried that if continues being an unprofitable money sink where they keep investing dozens and dozens of billions they could axe the gaming division.
Regarding their gamedev teams, they now have a lot but still have long periods of times without big 1st party releases. I assume they'll fix it over time, and (as I though last year or the year before) I think next year they will start having minimum a somewhat important 1st party (or 3rd party exclusive) or two per quarter on average or something like that.
I think they have room to improve regarding how they do organize their yearly roadmap of releases, managing to get great 1st party (or 3rd party exclusive) games across the year and every year to ensure their fans have a steady amount of great stuff since to have a few cool indies every month in GP isn't enough for many people. But I'm optimistic with this, I think all they need is time and they'll solve it as all these acquired teams start development their first projects inside MS, then their release date could be included in a more organized roadmap schedule.
Once they achieve that, I think they'll have to figure out a way to achieve periodically the release of iconic, superselling new IPs as Sony does. Because MS has some IPs from themselves like Halo or Forza and acquired more like Minecraft, CoD but over time people will get bored of them so new ones will be needed to replace them. But again, I think they'll achieve it over time.