Well, I would like to say all three actually. You picked the three biggest reasons, the DRM-blow, Kinect with a $100 price push and PS4(Sony) that did everything right this time and basically released "the next PS2".
But all in all the X1 has sold well, it's far from a failure. The PS4 is just selling much more, so people forget that the X1 is actually doing better than the X360, which is very good. Even if the X1 just happens to sell 1 more unit than the X360 in its first year it's still a good achievement, and we all know it will outsell the X360 by more than that, it could even reach 8-10 million units.
If we exclude reason #1 and #2 I don't think that the X1 would have done so much better than today, perhaps one more million. Because of reason #3.
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