I think they'll make at least one more console after the Series X|S, but it really does seem like hardware isn't their priority anymore. Because of the mistakes they made going into last generation and the fact they were made when they were, Xbox is essentially stuck in a distant third place. Xbox isn't doing horribly, but it will never be back where it was in the 360 days. Also, Xbox hardware has never been profitable for MS.
I think there's a good chance they're going to try to exist as some sort of first-party/third-party hybrid, where they still offer consoles for people who really like Xbox hardware but release most if not all of their games on PlayStation and/or Nintendo as well as PC, the strategy being to focus more on maximizing software sales. I think their big marquee titles like Halo and Gears could do very well on PlayStation.
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In accordance to the VGC forum rules, §8.5, I hereby exercise my right to demand to be left alone regarding the subject of the effects of the pandemic on video game sales (i.e., "COVID bump").
