If you're solely buying an Xbox Series console it could be poor yes.
But if you're getting a PS5 solely/alongside it it's not a bad launch year.
It's not the best first year but it's a very good one.
- Demon Souls Remake
- Spider-man Miles Morales
- Destruction All Stars
- Sackboy's Big Adventure
- Returnal
- Horizon Forbidden West
- Ratchet and Clank Rift Apart
- Kena Bridge of Spirits
- Godfall
- God of War: Ragnarok
- Stray
- Little Devil Inside
- Deathloop
- Ghostwire Tokyo
- Final Fantasy XVI
Add solid third party titles launching throughout year one like Cyberpunk, Far Cry 6, Hogwarts Legacy, Resident Evil Village and Gotham Knights and you've got a pretty decent first year on next gen consoles.
It may not be the best first year or the biggest generational leap at first, but it certainly isn't the worst imo.
PS4 and XB1 had a pretty shitty year one imo compared to this.