MS had treated game ownership far better than Sony (The BC initiative, auto HDR, auto FPS, etc) so I don't think Game Pass changes that conversation either way.
And you want to talk about the future... how far? 20 years? Shit could go bad. 5-10 years? MS is just getting started. These aggressive deals with third parties are to get gamers to hang on for MS first party which will start up around 2022. So for the immediate future it looks like MS is going all in on providing content and establishing Game Pass as the game service to beat. I would not expect that to change this generation.
I mean, looking at the current state of Playstation and Xbox right now it seems to be the fear should be placed on where the hell is Sony going? PS Now is a haphazard and confused streaming / download service, exclusives going to other platforms without any tethers back to the playstation ecosystem (no cross save, no cross buy, no trophies), little regard for legacy titles and now they charge $70 per game at launch. Sony has the brand power on lock but I don't see how anyone can deny that their current trajectory is messy.
Let's be honest here, it works both ways.
It's not all going according to plan for Microsoft either.
And by the way why are Microsoft only just getting started now? They have been in the industry for how long now and they have gone backwards in every respect since their heydays of the Xbox 360 era. They still sit very firmly in 3rd place.
Won't spend long on each points.. but playing devils advocate:
The innovation they bought to the table this generation are loading saved states (which is still somewhat buggy) and enhanced backwards compatibility titles. Didn't even bother to update the OS.
The brand has been dragged through the mud with the Xbox One launch fiasco. Which still not recovered from.
They didn't launch with a single exclusive title. Their marquee game, was delayed a year, and was a PR disaster. Despite a budget of hundred of millions.
The above embarrassment forced them to pay double the price for a big publisher to gain some positive PR.
Teased that future entries from Bethesda will continue to release on other consoles.
Haven't had a successful new IP since..? Don't even know this one.
They have done relatively little with the existing studio's they have in their stable.
All their marketing spiel about the most powerful console, they have had to quickly retract, due to all the launch title comparisons which were all unfavourable.
Ditto the above regarding the Series S advertised resolution.
With GamePass, Phil Spencer has even admitted they are making it up as they go along in terms of how revenue is distributed to developers. And are teasing about introducing new tiers to it.
They released two SKU's, with developers are already complaining about the lower end spec, stating it's holding back their game development process and situation is going to get worse.
Needless to say having two SKUs is needlessly confusing for casual gamers.
But like everything, we will just have to wait and see how it pans out.