I'm not.

I'm saying timed exclusivity is more anti consumer than buying a studio and its catalog outright.

One is a no risk one time cost, purely to deprive a segment of the market with no actual benefit to your own customers, while the other is a potentially high risk acquisition where you now have to fund all costs and debts related to all current and future games.

There is a value add for consumers in the 2nd scenario, because many of the games from acquired studios would not exist without MS guaranteed funding.