Newsflash: games take time to develop. It's not like they sat down and went like: "We won't release anything this year for no reason at all." Most AAA games that their newly acquired studios develop started development not to long ago, got delayed like Starfield or just take forever like TES VI.
It's not that hard to understand.
Let's not pretend that this is just Bethesda Game Studios we are talking about. Here is a list of game studios who could have released a product by now based on known games and/or time between last major releases
Compulsion Games - Last game release 2018
The Initiative - Formed in 2018, never released a game
Rare - Development on Everwild began in 2016 (it's been six years)
Turn 10 - Last release was in 2017
Undead Labs - Last release was in 2018
That isn't including any of the Bethesda studios. This is also not considering that many of their studios work on multiple projects at once, such as Obsidian who is releasing Pentiment, working on Avowed, and developing Outer Worlds 2.
Everyone knows it takes time to develop games, but it's taking especially long for MS's studios. On average it takes 3 to 5 years for a studio to develop a AAA game, yet the only developer on the above list that is going to release anything in 2023 is Turn 10 (barring any surprises, of course). Instead, we get Starfield (which, lets be honest, MS just moneyhatted Starfield exclusivity at this point by buying them up....that game was in development long ago) and Redfall (which looks fine). It is quite clear that MS does not have the output of their contemporaries. MS could manage their studios better to prevent this, but they don't. 2022 is a slow year for Sony too, but they are still managing to provide several AAA experiences (Horizon, God of War, GT 7, TLoU Part 1). I just don't really think we can excuse MS at this point.