I feel like Rare has done very little or next to nothing noteworthy since they were acquired by Ms. I could be wrong but it just seems like a failure in every aspect.
As in many cases MS bought brand names but losing the key talent and their related quality, style and know how that gave these names prestige. So what remained there is a shadow of their past, almost an empty shell.
In this case, MS at least was lucky with Killer Instinct because they found someone else to do a great new game (not Rare) with this IP.
Rare with Xbox could have had a different timeline. MS saw N64 then Canceled GameCube games like Kameo, Perfect Dark, and Grabbed By The Ghoulies as smash hits. Hell, even Conker Remake should have been way bigger.
The problem was the Xbox ecosystem didn't gravitate towards these games since the beginning. It forced MS to pivot and throw the developers full time on their upcoming "Project Nathal".
If Xbox fans supported these games better, who knows?
As other have said, the OG Rare blood left by this point, and they even had a new logo signaling the new Rare. The rest is history.