I am certainly not an expert but I do know that some of these deals go through with preconditions set by the government.
> “Microsoft has already shown that it can and will withhold content from its gaming rivals,” said Holly Vedova, Director of the FTC’s Bureau of Competition. “Today we seek to stop Microsoft from gaining control over a leading independent game studio and using it to harm competition in multiple dynamic and fast-growing gaming markets.”
Based on the FTC's statement that reads to me, a layman, like they're trying to extract a commitment from Microsoft to publish future games on all platforms.