"Overpromise and underdeliver, that's our motto" - Phil Spencer, 2020
For real tho, it's a very well designed and engineered console, with a really neat set of futures, but the lack of at least one interesting, must-have launch title and underperformance in cross-gen titles puts it in a very bad spot, especially after all the MS' marketing about the most powerful console, "optimized for Series X" games and what's not.
I know well the games will show up eventually, the power and features will be utilized eventually, but the question is, when? Won't it be too late? Because the way I currently see it is that Sony has set up everything to once again gain that same snowball effect they had with PS4, the 36CU design isn't a coincident, the console is made with ease of development in mind, hence even their 1st party devs don't need half a decade to make their games and many of them will release their PS5 titles in the upcoming year already.
And if MS doesn't sort their stuff out very soon I feel it'll be the same situation as with X1X - too little to late, in 2022-23 no one will care about better performance, Bethesda games etc. if most of their friends will be yet again playing on PS5 already.