When you look at what happened with the One, it was chaos. They restructured a bunch of studios and put them on Kinect games. Then when Kinect failed, they cancelled the games and shut most of the studios (Rare being the exception). They had to find new studios for Halo and Gears, and those studios then failed to really move the franchises forward. Crackdown 3 and Fable Legends went through development hell, with the latter being eventually cancelled and the former being really poor. Many of the problems with those two games can be traced to a flight of talent and key people from the studios.
After the closures, Microsoft had 343 (Halo), Black Tusk/The Coalition (Gears), Rare (Sea of Thieves), Turn 10 (Forza Motorsport), Mojang (Minecraft) and Undead Labs (State of Decay) left. So pretty much every developer (bar Rare) was tied to a running franchise. But they've since bought a bunch of studios, and opened some new ones:
Compulsion Games (We Happy Few)
Double Fine (Pyschonauts, Brutal Legend)
inXile Entertainment (Wasteland, The Bard's Tale)
Ninja Theory (Heavenly Sword, Hellblade)
Obsidian Entertainment (FO: New Vegas, The Outer Worlds)
Playground Games (Forza Horizon)
The Initiative (new, unannounced game)
World's Edge (new, Age of Empires)
Assuming they don't do something stupid again, it seems unlikely the next console will have the same problems that the One had.