You would be blind to argue that Microsoft didnt limp out of the gate with the xbox one, bad business choices and PR, choosing to keep the peripheral of the Kinect, not to mention a higher price point than its more superior competition certainly hurt Microsoft this generation.
However to ignore the steps they have taken to improve themselves this generation would also be blind, from the backwards compatibility with the original xbox and Xbox 360, To the extremely well designed game pass, to the cross play with pc, to the EA access that at the time was exclusive only to their system...
To be fair Microsoft still is making large leaps as far as good business decisions such as partnering up with Nintendo when it comes to certain games, I never would have thought that to be the case but here we are...
That of course is not even taking into account the brilliant design of the xbox One X, I'm a playstation gamer mostly, and most my gaming is done on their system, but I cannot deny how well designed Microsoft's midway system was and clearly a much higher jump in comparison to the Playstations Pro...
All that having been said the future of Microsoft is in a bit of a transitional period. Perhaps an inner struggle occurring within the company between a more digital platform in the future and continuing the current physical platform AKA the Skarlet, in the future who knows we might Be playing xbox games on everything, or the playstation 6 and the Xbox Indigo could be the next big thing.
It ultimately depends on how Microsoft handles things going forward, but Hey I can at least respect the work Microsoft has done to heal the brand after the beginning of this generation and It must be extremely frustrating for the heads of of the company watching the diminishing returns and criticism when in the grand scheme of things in my opinion they deserve more.