What I hope/expect from the next Xbox hardware:
Console style OS built on Windows.
Games from other launchers seamlessly integrated into the UI.
Around $200 more expensive than equivalent specced Sony console. No subsidies.
No online fee.
They will bank on getting sales vs other PC stores by being the default store option and promoting store sales in the UI.
Microsoft only charges a 10% cut on PC so there is incentive for publishers to put their games there if the hardware is successful.
If there is no interest from gamers they will just carry on with their current multiplatform strategy. The new hardware can simply be an option for those who want it, like the Steam Deck and other PC handhelds are.