I'm aware they aren't saints, and it's fine to be super critical.
I just haven't seen any negative effects on gaming yet. A lot of the smaller studios they've bought seem like they're going to have free reign with increased funding and even increased flexibility of releases with a sub model making them less dependent on pure sales.
I think this kind of consolidation is going to happen in gaming without MS, and there's many worse actors doing the same thing. Amazon buys studios, Netflix does, Facebook does, Google does, Tencent does, Sony does. I'm not a corporate apologist but actually blocking this one seems odd to me. Most I've really seen raised is really BS associations with Activision management being toxic or workplace issues, all of which MS is probably better equipped to manage.
Like I said, it's not my hill to die on. I honestly would be happy if they spent 80 billion on other studios since I don't play many of these games anyway.