Microsoft simply haven't provided much reason to buy an Xbox.
Their first party lineup is simply lacking compared to Nintendo and Playstation, and while they've been pledging to improve this for years now, we're still about to close out the year with what, three notable Xbox exclusives all year, one of which was disaster and two of which were merely decent.
They have no answer to games like Mario Wonder, Spiderman 2, Tears of the Kingdom, etc.
Games sell systems, and Xbox hasn't had a strong output of exclusives since the 7th gen.