The most interesting things MS has had over the last few years have been indie games. Inside (not exclusive anymore), Ori, and Cuphead. In terms of big exclusives they've just been making bad bets. Scalebound got cancelled. Crackdown 3 has been in development hell. Sea of Thieves turned out poorly. PUBG was the biggest thing ever, but then as soon as Microsoft invested in it Fortnite started to eat its lunch. They've got Forza, Gears, and Halo, as usual, but those aren't as big as they used to be. They doubled down on hardware because they heard the narrative about how the PS4 was the stronger console for a few years there but I don't think the One X or the Pro have been supported well enough to get anybody to switch just so they can get a higher resolution for multiplatform games.
Meanwhile almost everything Sony does is working out. They're letting their studios do new stuff instead of just having the Killzone team make another Killzone, or just making another formulaic God of War, and it's usually working out for them. Plus they're getting some of the best 3rd party support out of Japan they've ever had, which MS still isn't investing in because they probably know they're never going to get that market anyways.