IPs is worse. Far worse. Control of the popular games is a determent over just buying a studio and failing them.
IPs is what MS did, MS didn't buy to get studios or build a diverse set of developers, they bought because they didn't have IPs and needed them. Bethesda, Activions, even Ninja Theory and Obsidian, MS now own those IPs the studios did. Buying studios is what Sony did.
A reminder that after all of the acquisitions, MS now own World of Warcraft, Overwatch, Diablo, Fallout, Elder Scrolls, Doom, Wolfenstein, Call of Duty, Crash, Spyro, to name but a few of them. Meanwhile Sony own...well, I can't think of any older IPs they own that they didn't already create.
Look at what MS bought over the years vs Sony, actual comparison, not a blind "They are doing the same thing."
MS purchased Ninja Theory (a 3rd party dev), Obsidian (3rd party dev), inXile (3rd party dev that even made games for Linux, doubt they will anymore). Only really close relationship studios (2nd party) they bought was Playground, who were making Forza Horizon anyway, and Undead for State of Decay.
Then they purchased Zenimax and all that included and then ABK, and all that included. 2 massive 3rd party publishers, not devs, it just came with loads of studios.
Let's now look at Sony's. Housemarque, Firesprite, Bluepoint and Insomniac were all basically 2nd party anyway. Nixxes was a PC port specialist and they used them for obvious reasons. Then they purchase Firewalk and Haven, new studios with new games (one not even released yet), the less said about the former well. And then Bungie... which was a mistake but seemingly in desperation because MS was buying up all the biggest IPs on Sony console that weren't made by Sony.
Do you see the difference?
Honestly, MS and Sony should be allowed to buy any amount of studios they like, they can do what they want with them, fail them, close them if needed but control of IPs? Just no. Because at the end of the day, at the end of that "10 year deal", MS could if they wanted just remove all of the above listed IPs from competing platforms, Nintendo, Playstation and Steam and alike and say "No, you come to us for those now." And you have no say in the matter.
Technically they can do this with their Bethesda and Blizzard catalogue already.