I've been refraining from this argument because I don't know where to start. Both sides are taking extreme points of view.
1. The "nothing to play" rheteroic exposes people having an agenda. It's absolutely ridiculous and is why most of the gaming media has thrown their credibility in garbage this gen as they fight hard for their favorite piece of plastic. There has never been more to play in any generation ever.
Indies are becoming legit AA developers taking chances on new ideas and growing into bigger, more capable companies with every release. There hasn't been this low a barrier to entry in well over a decade where small companies can strike it rich and become big players. There hasn't been this many developers making AA and above games in many years.
AAA 3rd party developers now regularly make games that only 1st party developers used to make. They now push consoles as well or better than any 1st party studio. Shadow of War, Battlefront 2, COD and Assasins Creed will push the Xbox and PlayStation as far as any 1st party developer will.
On average, games are bigger and have more content than ever. This is why gamers who like both single and multiplayer games have insane backlogs. We buy really good games super cheap after they've been out 6 months because we didn't have time to play them at release...and then they sit there in our backlogs untouched waiting for the next gaming dry spell. I don't know any regular Xbox gamers who don't have big backlogs of games they've barely touched.
2. Microsoft's 1st party lacks a real identity and confidence from the general gamer. It's hyperbole to say they've done nothing this gen but it's hard to trust them when they don't follow through on promises or follow up on the good games they do release. They need to evolve their tent pole franchises and follow through on some of the good new games that could become great with sequels. Uncharted 1 wasn't amazing but Sony stuck with it. They stick with most of their franchises and grow the fanbases. I think the biggest difference between Microsoft first party and that of Sony and Nintendo is trust. Xbox gamers get the Lucy pulling the football treatment too often and many Xbox gamers left for PlayStation because they were tired of feeling like Charlie Brown.
3. Outside of 1st party exclusives, the Xbox team has done a fantastic job of fan service and policies. Game Pass, EA Access and Backwards Compatibility offer tons of value. Games with Gold is made much better due to BC. Their continued improvement of controllers and online features has made all 3rd party games play best on Xbox regardless of the resolution wars. They get very little credit for these decisions but when 80-90% of what everyone plays is 3rd party, it matters...a lot.