When Xcloud eventually (promises, promises, Phil) gets purchased games access, there'll be no need for the console anymore. Hell, PC gamers could (in theory, anyway) play GTA VI by buying the Xbox version and playing it on Xcloud (again, if purchased games comes to it, it's been promised for years).
I have no interest in my gaming experience being at the mercy of network latency. It's bad enough for online games, but there's no getting around that other than physically going to the same location as everyone else you are playing with. Big no for single player games. If cloud gaming does replace locally computed gaming, it will be another case of enshitification.
I have a buddy with a catering gig who works on film sets all over, an RV trailer with kitchen and a tv and Xbox in the back that we’d fire up in between meal times. No wifi when you’re filming a snowboarding video in the mountains …if they force that into every game then him and people like him will just stop buying new games altogether.