Part of the problem is that the big selling point of the Xbox 360 wasn't the games, but the novelties (at the time) of Xbox Live, and then Kinect. Nobody else had that kind of unified online platform, and Kinect rode on the remnants of the motion control craze created by the Wii. Then there was also the fact that the PlayStation brand, even at its lowest, was still able to hold its own against Xbox.
None of those conditions exists anymore. Sony is repeating the dominance they held with the PS2 this generation. Nintendo is doing well with the Switch. Xbox Live isn't anything special anymore. Everything it offers is also offered by its competitors. And forcing Kinect into the initial launch of the Xbox One was a mistake. Microsoft badly misread the market. And while they were focusing on fleeting successes, they failed to cultivate any long-term stables of key properties beyond Halo or Forza Motorsport. I'm pretty sure that there are plenty within Microsoft itself that consider the One to be a relative failure.
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