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I really don't see Xbox hardware being able to avoid a continual decline before eventually outright dying at some point. They'd need to do something as drastic as going so hard on exclusivity again that they stop releasing PC versions of their games to even have a shot at stopping the decline but that would kill software sales and the long term popularity of those IPs so I highly doubt that'll happen.
People have built up such large digital libraries in the ecosystem they're in that platform switching will be rarer than before and young gamers won't be choosing Xbox much currently so the average Xbox user is probably getting older every year at this point. That's also the case for Playstation I imagine due to young people being less into consoles nowadays but they've become the default home console choice so they're in a way better position.
