The entire concept of an accessible, closed hardware box with an open operating system (like Windows) is enticing, but software sales are the bulk of revenue for consoles. A console manufacturer isn't going to want to give up that walled garden, especially not an existing one.
I think if Microsoft was serious about a "Windows console" experience, it would probably first start accepting that HTPCs exist. I've always found it incredible how little Microsoft has done to make Windows 10 better for computers hooked up to TVs. I don't see why MS can't create an Xbox-like dashboard for booting up PC games with the Xbox controller. Hell, the current Xbox app, as good as it is, barely has any controller functionality. I mean good God, everything Steam has done to bring some of the ease of console gaming to PC could have been done by Microsoft if it really cared about PC gaming at any point in the last 12 years.