Please see my post about how shareholders are the key to all of this.
I saw it, and it's a nice writeup, but I don't think the shareholders are doing what's best for the Xbox division if that's the trajectory they want to take. The thing about minimizing risks works both ways; if you don't take enough risks, you could miss out on the next big thing.
That has actually screwed MS over in the past; since they were so busy dealing with Netscape back in the day, they completely missed out on the search engine revolution starting at the time, which allowed Google to become a giant. As they were trying to catch on the smartphone phenomenon Apple sparked, they missed out on laying solid seeds in the social media revolution that was quietly beginning at that time, too.
Plus for an area like entertainment, you HAVE to take risks because it's that type of market. So if shareholders want MS to apply the same strategy they do with their business software and services 100% to the gaming market, they need to reevaluate a few things. What works in one area does not always work in the other.
And FWIW, MS have definitely shown willingness to invest in new IP. Ori is a good example of this, and games like Grounded, AFAIK, are still exclusive to the Xbox ecosystem; if they don't need PlayStation or Nintendo for that game, why do they suddenly need those ecosystems for a Starfield? Considering as well, in the past, they've had to observe that a big new IP that is marketed well, will generally draw people to that brand.
That's what the 360's success was built on, after all. Yes, they weren't 1P games, but a lot of those big 3P exclusives that bolstered the platform, like Mass Effect, at the time those were new IP. And they worked. It's nowhere near impossible for a company like MS to replicate that type of success if companies like Sony and Nintendo have managed to.
To the same degree, if the idea is that if a new IP fails, spreading it to new platforms could help give it a second life, why has Nintendo failed to do this with, say, ARMS? Surely they could bring that to PlayStation or Xbox, or PC, and maybe see the IP grow as a result, which could fuel a sequel. Instead the IP is effectively dead, because the only metric Nintendo has to judge its success on, is its Switch sales numbers which could've been the way they were for any multitude of reasons.