This is a very controversial topic. So I must clarify that this is just my opinion and you are welcome to disagree. As an Xbox owner I do not believe that these acquisitions have or will benefit Xbox owners at all. Let me explain why, Bethesda and Activision games would have still released on the Xbox regardless. The only difference is now it will (potentially) NOT release on the Sony platforms. And I understand the logic behind this from a business' perspective, it will definitely help Microsoft out. But my problem with the whole thing is, how will gamers benefit.  Sony is definitely guilty of this too, they secured Street Fighter and Final Fantasy remake for the Sony platforms. However, one must point out that they have organically created new IPs from their first party studios , games such as Last of Us, Uncharted, God of War, Spider Man, Ghost of Tsushima.   Microsoft has not done so since the Xbox 360 days.  My fear is that this policy of just acquiring existing IPs is going to be the norm for them, this will discourage any creativity or desire to start new IPs. 

I have tried to make this argument on Twitter and Reddit, but people have labeled me as a "salty" Sony fanboy. Even respected journalists are enthusiastic over these acquisitions.  I personally do not care for Sony or Microsoft, I just want new ideas and new games because that in the end is what's good for all gaming. 

Completely agree.
But I would add that MS strategy has not been the benefit of Xbox but the benefit of gamepass. All those games would have released on the Xbox but very few would launch on gamepass, or at least not date and date.

Had Sony purchased Bethesda, games would have become exclusive for Playstation gamers; therefore benefiting them in not losing the ability to play them. With Microsoft purchasing Bethesda it ensured Xbox gamers would not lose the ability to play them on an Xbox. That seems quite beneficial.

Thinking that if Sony had purchased Bethesda and would continue to release all titles on Xbox is not very realistic.

The point of acquisitions is to benefit your stockholders. Any benefit to your customers is incidental.

70 billion is also equivalent to 140 million Series X to give away for free.
Or 389 million GP Ultimate subscriptions at full price for a year.
70 billion would pay to make GP free for the current about 30 million subscribers for the next 13 years.
Or 350, 200 million budget AAA games.

Just some perspective...

Did Game Pass suddenly stop existing because that's a pretty big reason.

Edit: It also prevents Sony from moneyhatting CoD content in the future so Xbox players don't miss out on anything. 

It helps for list wars and give Xbox gamers a way to respond to the accusation that Xbox has no exclusives.

Also they can offer those games Day 1 on Gamepass. They can also use the acquired IPs and characters to populate any future crossover games or projects.

Getting games like COD and Diablo on Game Pass instead of paying $70 a pop for each game is undeniably an attractive plus for XBox owners, don't think anyone can really make an argument against that.

PC players will also benefit with Steam releases becoming the norm. MW2 is releasing on Steam this year and the acquisition may have indirectly caused this. 

Consolidation in the end will rarely be good for the player. It wouldn't surprise me if gamepass prices will go up. PlayStation will secure more exclusive software via moneyhatting and buying Devs and Microsoft will acquire more publishers.