While I agree that most of the excitement is about what is coming rather than what has come, there have been some significantly awesome moments so far:

Flight Simulator was huge.

Grounded is/will be big when I guess it fully launches.

Gamepass is becoming more and more epic, which makes playing on PC/Xbox all the more appealing (the EA deal, the rumored Ubisoft deal, other 3rd party deals, etc.). While many of these games aren't first party games, they are freely accessible (as a bonus) to anyone already paying for Gamepass in replacement of getting first party games, which makes this whole situation amazing. I subscribed to Gamepass for $10 a month when it launched (for PC). WELL before many of the acquisitions they have made and before many of the third party deals were made and it still costs the same per month. I'm at the point where I'm overwhelmed by which games to play on Gamepass because there are so many lol.

I dont see the turn around yet. Nothing has changed yet. Its expected to change in a year or 2. Its still very lackluster. Untill it happens and some games actually come out and they are great, it would be rash to assume they will deliver.

Last generation both Wii U and Xbox One fans were hurt , It was the worst generation for both Microsoft and Nintendo console and fans wise , Nintendo youtubers and Microsoft youtubers were getting clowned , Blackbond and many others tortured people like doctre81 and his Wii U Playeressence wanted to quit life after the Wii U , The xbox fans were told that the xbox one will be Xbox last generation, Angry Joe jumped shipped from XBox joined Playstation , It was PS4 feasting on Xbox One and Wii U problems .

Just with Forza Horizon 4 they more then delivered for me on the X1 closing in on 1,100 hours played its my most played game of the 8th generation.  I'm pretty sure either Forza Horizon 5 or 6 will be my most played game of this generation.

No one is denying Forza are well made but part of the problem last-gen for MS was all the hitters they had were more Halo, Forza and Gears. Halo and Gears have lost a lot of lusters. So none of these were moving the needle to challenge the competition in sales. Now they do on paper with the studios they bought but we have yet to see that group of games that pushes Xbox over the edge to really challenge the other 2 systems.

Gears 4 and 5 are just as good as any of the previous games.  Plus Gears of War: Ultimate Edition is one of the best remastered games from the 8th generation only Yakuza Kiwami and Kiwami 2 are better in my opinion.  Halo is the only MS franchise that lost its luster in the 8th generation.

Talking about the appeal. Gears doesn't have the broad appeal it used to. Cover shooters are no longer the hot thing like they were in the 7th gen. They fell out of favor. So again they don't move the needle in sales. People were not buying an Xbox in droves for those series anymore regardless of the quality of the game itself.