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Holding back is a marketing tactic. They made the announcement for tlou2 because it would help sell more consoles to people who are preparing a large purchase early in preparation for games later.

The only reason to hold back would be if they think that showing a game later on would be better for sales.
Given that MS has pretty much given up on the games, there's not a huge reason to hold back, since console purchasers won't really have a decision to make later on.