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Microsoft expected to finally buy Activision Blizzard next week
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I mean, it's had plenty of success with its own IP... Heard of Starfield? Minecraft ... and it's nth successful Spinoff? Forza Horizon 5? Sea of Thieves? Flight Simulator 40th Anniversary Edition? Age of Empires IV? Age of Empires XYZ DE? Fallout 76?
The only major "flop" I can think of that wasn't corrected (at least so far) is Halo Infinite and ... that largely seems to be a 343 issue. There's also Redfall, but that was a new IP in an over saturated space ... it's not like they've stopped developing IPs, fixing games, and trying new things.
Go look at Fallout 76's reviews, it was unpopular at launch (IIRC) but it's doing very well now ... and that's the point, they kept the lights on until the majority of players were happy.
Minecraft has had several games derived from it, that were entirely different games set in the Minecraft universe.
Microsoft bought Bethesda 3 years ago. To say that they had no ability to influence and/or didn't take a risk on Starfield is ... lazy at best.
And yes, they own Redfall as well, time will tell if they fix that one or it's just a straight up failure.