How? They've recently bought a ton of gaming IPs, including Bethesda and id, to add to their existing sizable portfolio including some big names like Halo, Forza, Flight Sim, Minecraft, Gears. They seem to have a pretty solid agreement with EA to offer their EA Play service as a part of GamePass Ultimate, allowing access to a sizeable portion of that library for no additional cost to PC and console gamers. They're starting to push hard into Xbox-as-a-service and focusing efforts equally between PC and console, adding the xCloud "Game Everywhere On Everything!" hook.
People seem to forget that Microsoft is the second most valuable tech company in the world behind Apple. Unless some incredible monstrous change or disaster happens to/within the company, they're not going anywhere for a long time.
But right now, kinda feels like Microsoft buys Steam or dies.
(Maybe not dies, but "becomes IBM.")