It takes time to rebuild, and Spencer has been doing a great job in the time he has had. XBO X was a great boost to Xbox's image. Game Pass for Xbox One after the announcement of 1st party games Day One has turned a lot of heads. Bring Game Pass to PC was the next step. Forza Horizon 4 has set the example for what Microsoft Studio's will deliver going forward. You will have Gears, Forza, and Halo on everything from 1080p on xCloud to 8K on Windows. While the new studios begin to go head to head with Sony and Nintendo delivering even more industry leading 1st party exclsuives.
People are taking notice. When I talk to people in the real world, the tide has definitely started to shift. People that made the move from 360 to PS4, are asking about next, gen and talking about going back to Microsoft.
I guess time will tell, but right now, between the New Studios, Backward Compatibility, Game Pass, Play Anywhere, and XBL for All, Microsoft looks in very good shape to take back a huge chunk of the market in the transition to next gen.
I get the exact opposite with the crowd I hear from. They will remain with PlayStation and add a Nintendo console to that. But, you know how much that matters? None. It's anecdote.
Another issue with your line of thinking? It considers one side while knowing nothing of the other. From where I am sitting, many of the things you mentioned haven't been game changers in the current gen and it will certainly take much more next gen before any tides shift. Microsoft has to break new ground, for starters. Relying on the UK/US alone isn't going to cut it. They got a foot in the door with the 360, thanks in large part to Sony's own massive fumbles. But, as Shadow1980 has noted numerous times, should they stay the course, Sony should see another 100 million unit generation with the PS5.
Don't make the same mistake many made just prior to this gen.