Xbox's saving grace is their gamepass model and the fact that the new console makes almost every current gen game look and run better. It definitely isn't a "must have" in the traditional sense, but it improves the Xbox gaming experience by quite a lot right out of the box.The series X will be releasing without pretty much any exclusive content worth mentioning + it will take years before many of the games they showed off at their events get an actual release. What is the point of a gaming system without any solid exclusives?
We definitely come a long way from the excellence of the original Xbox and 360.
Honestly, it doesn't seem much worse than any other console launch. I can only think of a handful of games that were really, really good launch games, the last being probably BOTW.