They've had time. Lots of time. They've just made too many mistakes and taken too many wrong turns. Their philosophy keeps changing even though they have the template for success right in front of them.
I guess the real question would be, has Phil Spencer had enough time? He's been head of development for quite awhile but it's impossible to say how much control he's had over the larger picture. As head of Xbox, the clock is ticking and it's all on him this time around.
Still, it's entirely possible that their new studios will get better. I'm sure they have all the resources in the world. We'll see how the next Halo and Gears games perform and Sea of Thieves might turn into something good eventually. That Quantum Break game was a disappointment but Remedy could certainly rebound with something better.
Their 2nd party efforts have clearly been beaten by Sony but it's hard to say if that's poor planning or just bad luck.
They have a lot of work to do, no doubt, but it's possible the situation could improve dramatically, given Microsoft's money and some smart decisions.
