Let's be honest. MS has just added another 8 studios to their list from Zenimax, with it brings many IP's, some more popular than others. Some have resurged like Doom, Elder Scrolls is still huge, Fallout is still viable, though Fallout 76 hurt their reputation tremendously. Before that, MS bought several indie Studios since mid 2018 and they still have nothing to show yet for it relative to released games.
6 out of the 8 studios have IP's we know about in the console circle. The other two, Alpha Dog is involved in more or less mobile projects and Roundhouse is a newly acquired studio that only have their footprint as a support studio for many projects.....The reality is, most of the new games by Bethesda are still far away, I don't expect a new Elder Scrolls for years, even then, they still need to invest in a new engine or keep reworking their current one to avoid massive launch issues and refunds at launch. That will take lots of work, Starfield is really not on a new engine, but an overhauled one, so you can still expect many of their prior engine legacy issues to linger.
In truth 7.5B dollars is a lot of money, but it doesn't end there. To prepare these studios to launch exclusives that will benefit MS, there is further financial investment to take place, engine investments, personnel, planning and R&D that needs to take place. Lots of the current projects by these studios are remasters of current games. That will go as planned and release on competitive consoles. Starfield, Deathloop etc will all release on PS5 and yet these games are still some ways away. The question is, when will MS only games get into the conversation, it will most probably be towards the end of this gen or early next gen...Lots of the current games are tied into contractual obligations....
The other thing I expect to happen is that many of the big names from said studios will see this as a sign to cash out and exit, the top guys from Doom and Elder Scrolls, even Arkane, Mikami from Tango. So when MS is ready for these studios to start pushing exclusives, the makeup of these studios might not be the same as it is now.....Hence why it is important to build a base of top talent, that could probably overtake an IP.
The real question however is what happens now? We know that Doom Eternal Remastered, Deathloop and whatever is still in the current pipeline is still coming to PS5, yet having just spent 7.5B dollars, MS will want return on it's investments. They will also want to clean up the fat, some projects will be cancelled, some products will be sped up and they will let go of some people. Look at the number of Indie studios MS acquired, they are still not ready for a Series X launch. Exclusive games for SeriesX is a long way away and then MS will have to invest the development money for these projects, greenlight what they think is the right one and consider if these games will sell well enough on Series X and PC to recoup the costs. There is also the possibility that these studios don't get the funding and support they are used to since MS may focus on lowering the quality of the rendering and minimize the development schedule to accomodate a strict gamepass schedule.....
In truth MS had a hard time managing and producing quality out of a smaller clutch of studios, having so many now won't make it any easier....It might prove quite alot for them to manage and be profitable, but we shall see. Before that, MS acquired a big name called Rare, but they are now only a shadow of their former selves. So it's like this, another 6 studios pushing AAA, when Halo Infinite had 5 years and lots of cash, it means that cash will have to be split on many AAA studios now. Yet the reality minus the newly acquired 8 Studios is; Fable is not anywhere near a ready phase, Forza is still in it's early stages, the well hyped Initiative still has not shown us a peep.......It's either MS know what's it's doing here and feel they can manage all that talent and that they will have the financial backing to make all the projects coming out of these studios well funded, well spaced or that these projects will be given sufficient time and money to produce quality content...To me, I see lots of the old heads leaving these studios either to retire or to branch out on their own, but time will tell...