Fair that it was always going to attract at least an analysis. But the FTC didn't even have to necessarily ask for this injunction to halt the merger before it happened, which is what then led to this preliminary judgement of the merits (they have to convince the judge they are likely to ultimately win in their arguments). They could have let the merger close, and then use their administrative case (if they won in their own panel, which I think they would) to force them to de-merge (possibly wouldn't even have merged yet). Then it would have been up to MSFT to appeal to federal court, but it's different positions then.
You're right that the cloud market and Azure are the big drivers of MSFT today, and Gaming is relatively small. But for Gaming to become relevant to the cloud, you would likely need Cloud Gaming to be widely adopted, which it shows little evidence of so far. The cloud market is big because of enterprise demand (storage, compute, and now accelerated compute/AI). There's no split by MSFT or anyone else of cloud revenue from consumer demand, but it's likely minimal relative to enterprise.
Your view is that in some number of years consumers will indeed have largely migrated to gaming via cloud, and that will give MSFT the opportunity to make CoD and other titles exclusive to their cloud gaming platform?