Jet Force Gemini strikes me as the type of IP they could reboot and take in a different direction without facing backlash from the fans. Maybe a family friendly Mass Effect with more platforming? A direct sequel to Kameo (instead of the scrapped pseudo-reboot) could also work.
That said, they dont need to make games that are 3rd person, story-driven AND family friendly. Just make different types of games. Between The Coalition, Ninja Theory and (probably) The Initiative, I think they're going to have a solid selection of cinematic action game developers. They'll also have teen/adult focused story-driven games from 343, Playground, Compulsion, inXile and Obsidian.
It's the family friendly section that needs more work right now. Sea of Thieves and Ori are the only two non-Minecraft IPs they've got going right now, and I would argue that both of them has elements that makes it less likely for me to recommend them to kids.
Xbox has a lot of options going forward though: Minecraft spinoffs, Banjo-Kazooie, Viva Pinata, Avatar games, party games and new IP