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Xbox's biggest crisis right now isn't games. It's hardware. (Opinion - Jez Corden)
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I don't think it's hardware, more brand and exclusives. The casual player bought a PlayStation 4, so they buy a PlayStation 5. The gaming enthusiast knows that there's just more varied and interesting games coming out on Sony's platform. In terms of performance, the Xbox also frequently under performs against the PS5 regularly (not by significant margins usually, but still) when on paper it should be the more powerful console.
Myself, I have an Xbox Series S along with a crappy old 1080p plasma and 3 years of Game Pass, and I'm at a time in my life where I don't have the time I used to to play loads of games all the time. I'm happy with the Series S, but if you're coming fresh to this generation of consoles, I can't see why you wouldn't just buy PS5 as that's where the games are.