It is not that simple. If Xbox is the only one thinking like this, Xbox gamers lose and Xbox loses too. The equation is simple:
No exclusives = no consoles = no gamepass = no third party games = fewer games sales = game over
If there are no exclusive games, the consoles won't sell! If the consoles don't sell, no gamepass, most gamepass subscribers are on Xbox consoles. If there are no consoles, third-party publishers will stop making games for Xbox. If there are fewer third-party games, there are fewer games for the gamepass. If there are no or fewer Xbox consoles, it's difficult to promote the gamepass, we can't count on other platforms to do it. In terms of brand images, it would be terrible, even sales of Xbox games would suffer, even if they were available on more platforms.
Afterwards, there is a balance to find, and this is what the Xbox team is working on in my opinion, finding the right balance to maximize profitability without shooting itself in the foot by wanting to be too greedy. There is a line that must not be crossed.
For example, historically multi-platform licenses, leave them multi-platform. The new licenses, keep them exclusive while allowing the right to make certain small games multiplatform 2 years later. Historical and exclusive Xbox licenses, keep them exclusive, because otherwise it would send a very bad message and Xbox consoles would lose their interest and Xbox brand will suffer (+ the snowball effect explained above).
In any case Phil Spencer must draw a clear and easily understandable line that we can anticipate for the next games without needing to ask the question "will the game be exclusive or not? If so for how long ?”
The objective is to provide visibility for the future and avoid this type of false rumors. A clear message for the present and the future that restores confidence, good for business, and good for all players.
"Good for all players", because even PlayStation players do not want a PlayStation monopoly which would mean, increase in the price of games, increase in the price of consoles, fewer AAA games. Indeed, why bother making AAA games if you can make do with third-party games? This is already what they are doing, in fact, only 1 first party game in 2 years, 0 games from PlayStation studios for 2024. We saw it clearly in the last state of play, many mediocre games which did not not the quality of first party games (apart from death stranding 2). But without Xbox it would be much worse.