Forza Horizon 5 is weird because the game is utterly broken now (especially the online leaderboards) and they add new DLC's and stuff but don't actually fix the fundamental issues.
They only had 1 strong holiday season this gen when they dropped Forza Horizon 5, HALO Infinite, Age of Empires IV on PC and shortly before Psychonauts 2.
There's also the weird situation where Bethesda has released fuck all ever since the buy out. Wolfenstein II released in 2017 , Young Blood in 2019 and Doom Eternal in 2020.
No sequels to any of these games have been shown or announced.
Perfect Dark was announced in 2020 and all we know is that Crystal Dynamics was called in to help develop it (or has taken the lead on it at this point) with the footnote that they will likely complete Tomb Raider before Perfect Dark.
Fable was announced all the way back in 2020 and apart from Playground Games leadership leaving and starting a new studio we haven't seen or heard anything.
Rare's new game Everwild was announced in 2019 and hasn't been seen since.
It would've been easy to start development on some fast to market games like Banjo Kazooie Remastered(12 months) a kart racer or PGR (~18 months) and money hat Dead or Alive 7, Ryse II and Titanfall 3 or whatever. There's also stuff that you can always get made quick like 'Warriors' games, like an asset flip Age of Empires: Warriors. But instead there's literally nothing and what is released (Redfall) is dogshit or send to die (Hi-Fi Rush).
Considering Forza Horizon 5 was the 5th entry in the series, the last Xbox first party game that excited me was Quantum Break.