What if Microsoft never reversed the original Xbox One Policy?

[Musashi]

Based on the fact that the X1 was getting whomped on pre-orders by the PS4 pre-reversal, I think it reasonable to think the system would have been destined to a serious user shortage. Sure they might have made some aggressive deals for 3rd party exclusives, but they would all have a time expiry, and given that there would have been a lopsided userbase favoring the PS4, those games would have ended up getting PS4 ports afterwards.

Dying on the DRM hill would have meant major losses for MS. Not enough to undo much of the money they make hand over fist on Windows and Office software, but enough that the Series X would have been unlikely.