I think that's fair. It's a combination of things like covid and teams being bought/destroyed, but one of the things I think is actually impacting it is the changing landscape of gaming. Specifically the rise of streaming and the constant pressure for games to not be set in stone anymore and needing things like constant updates and even competitions. We are in a strange area of publishers not really knowing what to do next or where to go. But it is clearly true that with MS in particular, they just aren't getting quality content out for whatever reason.
I sit in the middle really. I see plenty of games I still need to play (even console ones), but I do agree with Veeva that big hitters are either not materialising or if they do tend to be more mediocre than anything.

Too true. Though you can say that about the music/film/tv tastes on here too!