These companies are in a buy-happy state ATM because interest rates are quite low as are tax rates, so it benefits them in the long-term to offload cash vs. sitting on it plus they get tons of tax write-offs for the studios and personnel they acquire.
I'm pretty sure they have data-cruncher teams that have gone through the numbers on this stuff otherwise they wouldn't be so willing to buy. Also, quite a few gaming publishers and developers are willing to sell given their valuations are higher now than they've ever been, and likely will ever be again.
How is it bad for the companies being purchased given they are actively looking to sell in the first place? How is it bad for studios that likely would've gone out of business (and their IPs gone forever) if they don't get purchased as desired?
These aren't hostile takeovers, they're consenting parties looking to buy and sell based on mutually agreed-upon terms and extensive understanding of one another's corporate cultures. And in most instances purchased entities are allowed to function as they previously have (Minecraft, Zenimax in Microsoft's case, etc.).
When you think about it on those terms, and the fact that companies in multiple industries consolidate regularly, and that there are more examples of consolidations leading to same or even more content vs. content reduction, the only people these gaming-related consolidations look "bad" for are those who have certain, strongly loyal brand allegiances to corporations not engaging in (generally out of lack of capability) large-scale purchases.
I.e the same sort of individuals who'd be much more receptive if their preferred corporate brand were the one doing such purchases.