577 x360 games, 41 xbox og games, and 100% of all Xbox One digital games (non-Kinect) should work digitally. I would still say that's a BC console. It's been 7 years since the 360 was put away, and 15 years since the Xbox OG was. I would say BC digital is fair. There were only a couple disc-only BC games on Xbox One as it is.
I get your point, and I'm sure a lot of the games people would want to play is already on the list or will be added later. My contention isn't so much that the Xbox Series S can't function as a great way to play some older Xbox titles while also being a cheap way to play next generation games; but I personally (and I'm sure I'm very much in the minority) don't really like referring to that as backwards compatibility.
Like, the PS3 launched with relative full, disc-based backwards compatibility. If you had a PS1/PS2 game you could put it in and it generally just worked. But that was an expensive extra component, so they removed the native backwards compatibility from future PS3 models. However, PS1/PS2 games were sold digitally as classics - and I certainly wouldn't position the PS3 as a backwards compatible machine.
Obviously the Xbox Series offers a larger selection of games, but the basic principle stands. And what really makes me, again personally, wish it wasn't constantly referred to as a backwards compatible console is the possibility (at least I think it's possible) that Microsoft will be able to come out with a system-wide software emulation sort of tool that they could implement. Without an optical drive the Xbox Series S is pretty much locked into the digital offering.
Like I said it's a bit pedantic which I totally admit, but I do think it's a real distinction. Unless we learn something new about the PS5 I certainly don't consider it a backwards compatible machine other than for PS4.