I hate the way that Xbox has become an almost redundant gaming platform for me personally, especially after the wonderful years of owning both the original Xbox (which was my favourite) and the Xbox 360. The original Xbox was an absolute joy with tons of exclusive and interesting games as Microsoft were basically finding their feet at that point, being new to the console market. They were far more experimental and interesting in my opinion.
If all new Xbox games are going to come to other platforms, including PS5, in the future then what is the point of owning an Xbox console? You might as well buy a PS5 and have access to both its exclusives and Xbox ones.
Yes, there is Game Pass but I'd argue that its worth is devalued by the fact that 95% of content on it is third-party stuff that is available on other platforms anyway and the fact that games get removed. I wouldn't be surprised if Game Pass also goes multi-platform at some point too.
At least with Sony, they are staggering their PC releases by 12-18 months after the PS5 version so there is still a reason to own their console even if the reality is that even the exclusives take longer and longer to arrive. For me, PS5 still feels like a game console, the Xbox just feels like a cheap PC in a box tied to a subscription service.
I know that sounds odd but the PS5 has the superb DualSense controller, it has PS VR2, PS Portal (though I am not a fan) and those exclusives that help define it as a gaming console. The Switch also feels like a games console because of its hybrid handheld/console nature and those Nintendo exclusives. What does the Xbox have?