The gaming industry continues to grow and become bigger every year regardless of if Microsoft (or whoever else) acquires publishers. After all, if the publisher is looking to sell, they're not going to those who don't have the money to acquire them. They're going to rich companies because they want maximum return. In terms of locking down established IP, that doesn't matter because Microsoft would be the company that's funding all of it so what right does any company who isn't spending a dime to produce all those IP's have in saying what can or can't be done, just because it affects their bottom line?
Microsoft took 19 years before finally spending actual real top tier main event money on Xbox. Did anyone truly believe that they were never ever going to spend their money? At some point, it was going to happen. And it just so happened during a time where two major publishers were looking to sell.
Look at Ubisoft. They're easily looking to sell. Do you think that if in a year or two from now, they went to Microsoft looking to sell to them that Microsoft would say no? Of course not. That would be horrible business. You don't pass up great opportunities or a once in a life time opportunity like ABK just because it may piss off some people. Oh well.
Sony will make moves. They could acquire Ubisoft if they wanted to and have some huge franchises under their banner but I don't see them acquiring any publisher because it's not what they do and I don't believe that they would want to spend the money necessary to keep the publishers intact especially Ubisoft which has over 20K employees. Sony isn't taking that on. And even with Square Enix, Sony gets the main games they want as exclusives for a massive fraction of the cost that it would be to acquire them so why buy the cow when you get the milk for free? Sony will continue to acquire developmental studios especially with those that are low cost, high reward while also investing into publishers in order to veto any potential sale by another company. Along with their main single player games, if they can nail at least 2 of the 10+ live service games that they're working on and I do believe that they will easily accomplish this, then they'll be just fine without Bethesda's games or ABK's games (even though Sony has Overwatch 2 and will have Diablo IV for probably a decade or some shit) or any other publisher's games for that matter.
When you have 70% world wide market share and a powerful brand in PlayStation, it doesn't matter if they "lose" access to a few publishers because it's not going to affect them in any major way. As an Xbox fan, I will say this straight out - even with ABK and COD exclusive to Xbox, PlayStation will still have at least 65%+ console market share world wide. PlayStation fans truly don't understand or realize how powerful and strong their branding is. Sony would have to have an Xbox One/Wii U/PlayStation 3 level fuck ups all at the same time for there to even be a remote chance of them losing market share and their #1 spot. And that's simply not going to happen.