Spencer has done a lot for Xbox. He arguably saved it from being totally shut down. There are a list of things I (and anyone with an objective eye can name) I can name, but at this point, his victories seem to be overshadowed by his blunders, of late.
For Game Pass (or Xbox sales) to actually mean anything, they need to offer compelling titles, back-to-back-to-back, and right now they're aren't doing that. If the statement "Xbox has no games" has ever been through, it's at this point. They need hard-hitting AAA experiences that excite players and the gaming industry, and we're just not seeing those. If the Actiblizon deal doesn't go throw (and it likely won't), they need to put that 65 billion to real use and invest heavily in their talent pool, and now importantly their management and the people who have the visions for these games, because that is where they're lacking. The hand-off approach they've been taking is not working in their favor, evidently. They've let 343 go unchecked for far too long, and look where that landed them. None of their big games sell like they used to. They've pretty much allowed their IPs to become so bad (relatively speaking) that they're tarnishing and diminishing the value of their own brand.
If they still want to go on an acquisition run, then buying up smaller developers is the way to go. Clearly big publisher buy-outs won't be a thing for them in the foreseeable future - they need to let that go and really invest in their "homegrown" talent. They're in a tricky position though, because triple A development takes considerably longer now, and time is what they don't have - their release schedule is abysmally bad.
Let's not talk about their supply constraints for hardware. Phil needs to be given hard dead-lines to turn various things around (he did it once), and if he can't do it, then I'm afraid he should get the boot.
