I'm not going to go into the legal side or the business side of things here. My personal opinion, however, is very strongly against the acquisition. Consolidation of the industry is probably not a beneficial thing for competition, period. This might have some short-term benefits e.g. in the form of strengthening GamePass, but in the long term, I'm more worried. The worst-case scenario is that this swings the balance in a way that's unrecovarable for Sony. I don't think this is going to go that far, especially if MIcrosoft does keep Call of Duty on Sony's consoles for a long time, but it's still worrying.
So pretty much your only worried about this deal because of PlayStation. Well Sony didnt care about Nintendo or Sega when they entered the console market and Ms has said they will use CoD like Minecraft. No harm in that. Sony would never allow such a thing when they where trying to wipe out Nintendo in the past. This deal is good for workers, its good for the staff that work at actiblizzard only person who this deal is not good for is Sony as its going to give them competition something they hate as they are used to being the "Rich" Company in the video game market.