It's not that exactly, it's more that right now, the other guys have owned the next gen conversation, and have convinced people of certain things that aren't explicitly true, or can't possibly be known yet. For instance, I've seen people say the Series S is as powerful if not more so, than the PS5- which if you think about it... is stupid. But Sony being completely silent they let that message sink in.

Also, like or hate backwards compatibility, cross-save, cross-play etc, it's a good thing for players, and Xbox have done so many amazing small things that it's hard to ignore. They're putting in the work on features that aren't exactly going to make them lots of money, they're just doing it because somebody, somewhere would think it's useful.