Microsoft's endgame is to increase the subscribers to its GamePass subscription so akin to Netflix's insatiable appetite for video content, Microsoft's will be for video games. But since IP development for games is expensive, time-consuming and hard to break into, it's arguably easier to acquire game studios entirely.
The impact is so wide-ranging: what becomes of Google Stadia and Nvidia GeForce Now? Same goes for Sony and Nintendo. The most interesting one could be Apple, who clearly does not want game streaming to be the norm.