I think people are mixing things up.
3rd Party exclusives that would otherwise been multiplat like Street Fighter 5, Final Fantasy, Guilty Gear, etc. for example are bad and anti consumer.
3rd Party timed exclusives are also anti consumer but not as bad as full 3rd party exclusives like above. At least they eventually release on other HW.
1st Party exclusives is the only way console makers can leverage an advantage over their competitors.
They are necessary in order to differentiate and make their hardware appealing.
3rd Party exclusives that would never have existed unless they were funded by a 1st party are good as well.
Look at Returnal from House Marquee or Alan Wake from Remedy as examples.
Here's the thing about titles like Street FIghter V Sony invested tons of development money to capcom for SFV, and spent their own money for Capcom's Pro tour, and ported Super Street Fighter 4 arcade edition to PS4 on their own dime. They also have supported the fighting scene for years with tons of money and now recently bought EVO and supports throughout the year all the tournaments.
Though Street fighter has been third party for as long as its existed. Over time Nintendo has shown not much interest in supporting it because of hardware choices. On top of the investment needed for online support. Hence why they are kind of distancing themselves from the fight scene.
Sony invests tons into Japanese development, and builds small teams up through investment. Then over time they either incorporate them in or get talent through Collaborations. Microsoft has had a great relationship with Bethesda since PC titles. They spent a good amount of money getting morrowind on Xbox and Oblivion/Fallout.
But they didnt fund those games directly. They helped in getting them running on their platforms through engineering support. Which money was exchanged in that aspect of it, along with promotion. Those games were getting made regardless.
Microsoft does not have the organic track record as Sony does when it comes to nurturing studios let alone an entire publisher. If this was a long time coming type of deal MS would have had way more money involved with ID software and the likes for a bunch of their titles. Same with Arcane studios.
MS just used their bank and bought them and it could have easily been someone else who bought them if the price was right.
Total difference in approaches. Sony acquired HOUSEMARQUE after investing heavily in them over the course of a decade. It made sense after seeing how well Returnal came out that they want to make them permanent partner.