If I’m not mistaken all the major 1st party announcements they made were sequels of established IPs. For the first time in years MS has a shot in getting more new IPs announced. I hope they take it. 

I guess I am supposed to answer the thread title, not your silly question in the original post. As if anything Xbox could ever get me excited.

The PS5 conference set a low bar. People learned that they'll be able to play a Spider-Man expansion and some Astrobot software that Sony doesn't dare to charge money for. While the hype is still fresh, it can't take too long until people realize that none of Horizon 2, Gran Turismo 7, Ratchet & Clank and Demon's Souls got a 2021 release window. So what Microsoft needs to do in the first party games department:

"Here's Halo Infinite. This version was built from the ground up for XSX. You'll be playing it this holiday season."
"And here's Forza Motorsport 8. Same as Halo."

PS5 already wrecked. Apparently people care about what they can play in the near future.

Microsoft can show trailers of first party titles that are far out, like Hellblade 2. It's not like Sony managed to put any pressure on Microsoft with all their TBD titles.

Then go over a bunch of AAA third party multiplats and keep repeating that the best console version of every game shown will be on the XSX. Close out the show with the price of the console and drive the point home that the XSX won't cost more than the PS5.

Game Pass in the middle somewhere.

The bottom line is that realistically Microsoft couldn't have asked for a better PS5 event. Sony's only two top studios that could have had a killer app ready anytime soon were Guerilla Games and Polyphony Digital (both released games in 2017, as opposed to all others who released games in 2018-2020), and neither one of them is capable of hitting a 2021 release date by the looks of it. The hype machine for Sony's ultra fast SSD couldn't demonstrate any games to back it up. A large portion of the PS5 event was padding, plus not much gameplay was shown. Microsoft is in a good position here. Instead of the huge question being how they can compete with, let alone beat a behemoth, it's now a rather basic premise of simply don't mess it up, because a lot of things have been lining up.

Well if you only game on Xbox 1 you're probably used to being drip fed since exclusive content is few and far between. 

... and you probably missed the part where the xbox presentation is titled "First Look Xbox Series X Gameplay" on the Xbox official youtube channel and the hype that preceded it. How is it our problem that an almost 30 minutes presentation disappointed you so much? Which is plenty of time for most gaming shows since most reveals are trailers and snippets of gameplays....

but hey, you're content with being drip fed I guess. As for the rest of gamers, it's clear that they are more enthused for SONY's approach than they are for "MS transparency", SONY stole all the hype and even you can't deny that. 

Except for Ratchet & Clank, they were sequels to brand new ip's that debuted on ps4. It would be silly for Sony not to release at least 1 or 2 sequels for games like Spider Man, HZD and GOW as they were some of the highest rated and best selling games on the platform.

We will have to wait and see, but just ask yourself when was the last time MS released a successful new ip? Also, why are you so convinced they will have a bunch of them in July? I think people are writing off MS's last event as some colossal marketing blunder and pretend it never happened. Personally, I don't think that's the case at all. MS showed exactly what they've been promising for months, which aren't Series X games but Series X enhanced titles. Just because that didn't wow people like Sony's event did, doesn't mean it never happened.

Call of the Sea and Second Extinction aren't 2nd party, they're 3rd party games, most likely timed exclusives. I like them because they'll be fun to play on Gamepass during slow periods in the yearly release schedule, not because I think they will become big franchises for MS in the future. On the subject of Microsoft's new IP failings this past gen, I would say that they only failed in terms of sales. I thoroughly enjoyed many of their new IP 1st/2nd party games this past gen, Sunset Overdrive, ReCore, Quantum Break, Crimson Dragon, D4, Project Spark, Bleeding Edge, etc. It's a shame that more Xbox fans weren't willing to try new IP in the past, they only cared about the big core franchises, which caused many of the new IP's to fail commercially. Gamepass helps that situation tremendously though, Xbox gamers are far more likely to try new IP when they release for free on Gamepass, and once they play them on Gamepass they often find they like them. I think Gamepass is crucial to the success of new IP for MS moving forward. 

I do agree with you that Sony's 1st party studios are ahead of MS currently from a AAA perspective. Sony has 7 AAA capable studios now (Naughty Dog, Sucker Punch, Guerrilla, Santa Monica, Bend, Polyphony, and Insomniac), and most of those studios have now released critical and/or commercially successful games. However, that success comes at a cost, most of Sony's AAA studios are rather on the slow side, Horizon took 5 years to make and the sequel may take 5 years as well (if it gets delayed to Q1 2022, which is possible), Polyphony's GT games take anywhere from 4-6 years, Ghost of Tsushima took 6 years to make, TLOU 2 took 6 years. The slow release schedules mean that many of Sony's AAA 1st party studios only get 1 or 2 games out per generation. So, if you only like a few of those 7 studios like me, that is not alot of AAA exclusives to look forward to each generation from 1st party. Another problem with Sony's 1st party is that there is not alot of genre variety, most of them follow the same formula; open world, story-driven, action-adventure, it all starts to feel a bit samey after awhile. 

Microsoft's 1st party on the other hand seems to be trying to trying to catch up to Sony in terms of AAA development now. They already have 343, The Coalition, Turn 10, and Playground Racing from this past gen. The largest of Obsidian's 4 teams is making a AAA RPG. inXile is making a AAA RPG (said by a leaker to be the most ambitious project across all of Microsoft's new AAA studios MS currently). Playground's new RPG studio is making a AAA RPG (believed to be a Fable reboot), The Initiative is making a AAA game (rumored to be a Perfect Dark reboot). Ninja Theory, while not technically a AAA studio, has a goal of making AAA quality games with much smaller AA and A sized teams, with Hellblade 2 being made by only about 40 people, but looking like a AAA so far. MS is trying to even things up in terms of AAA development.

As for 1st party A/AA development, I definitely think that MS has the edge here, on a personal level especially. MS now has many A/AA teams/studios, several of them with good track records. Rare's Everwild looks fantastic so far, Double Fine has multiple teams with a pretty good track record of releases (they've released at least 1 game per year since 2007, with several of them being critically and/or commercially successful). Compulsion's We Happy Few had alot of potential, but got compared against the AAA expectations people had for it, even though it was made by a AA team. State of Decay 2 was pretty good, though a bit of technical and graphical mess (being first party now means that Unreal masters like Coalition and Ninja Theory can assist them making the 3rd game look like a proper next-gen Unreal game). Ninja Theory's Project Mara has potential to be a great psychological horror game. World's Edge is shaping up to be a great PC/console RTS studio in the future. Obsidian's AA The Outer Worlds team is fantastic, and their single A Grounded has potential (played the demo the other day). By comparison, I'm not a big fan of Sony's A/AA 1st party offerings, never liked Little Big Planet, Pixelopus stuff isn't my cup of tea, Japan studio's Project Siren team puts out some good stuff, but the rest of their teams are kind of meh in my eyes.