They have been on this buying spree for several years now yet the output has been very low. I'm sure Satya Nadella did not expect that every studio would take 4, 5 + years *from acquisition date* to output a game. Many should have been part way through projects when they were acquired.
You can read this article for some details, but basically here is the XGS output for the last 5 years and when the studio was founded/acquired.
1. 343i (2007) - Halo Infinite (2021)
2. Alpha Dog Games (Mobile Dev - 2021) - Mighty Doom (2021)
3. Arkane Studios (2021) - Deathloop (2021), Redfall (H1 2023)
4. Bethesda (2021) - Starfield (H1 2023)
5. Compulsion (2018) - No releases
6. Double Fine (2019) - Psychonauts 2 (2021)
7. Id Software (2020) - Doom Eternal (2020)
8. InXile (2018) - Wasteland 3 (2020)
9. MachineGames (2021) - No releases
10. Mojang (2014) - Minecraft (live service), Minecraft Dungeons (2020), Minecraft Legends (H1 2023)
11. Ninja Theory (2018) - No releases
12. Obsidian (2018) - The Outer Worlds (2019), Grounded v1.0 (2022), Pentiment (2022)
13. Playground Games (2018) - Forza Horizon 4 (2018), Forza Horizon 5 (2021)
14. Rare (2002) - Sea of Thieves (2018, live service)
15. RoundHouse Studios (2021) - Studio Started in 2019
16. Tango Gameworks (2021) - Ghostwire Tokyo (2022)
17. The Coalition (2010) - Gears 5 (2019), Gears 5 Hivebusters (2020)
18. The Initiative (2018) - No releases
19. Turn 10 (2001) - Forza Motorsport (H1 2023)
20. Undead Labs (2018) - No releases
21. Worlds Edge (2019) - Age of Empires 4 (2021)
22. Zenimax Online Studios (2021) - ESO (live service), Fallout 76 (2018, live service)
There are 6/22 studios that are MIA in terms of games released since acquisition (Compulsion, MachineGames, Ninja Theory, RoundHouse Studios, The Initiative, Undead Labs). The longest of those has been owned since 2018.
Every other studio has released at least one game in the last 5 years, or has a game slated for H1 of this year.
I'd say that Compulsion, The Initiative, and Undead Labs could be considered mismanaged relative to expectations, and obviously everyone is familiar with the situation of 343i. The others seem fine to me, but obviously room for improvement on MSFTs part.