Lorewalking: The True Enemy

Two messy launches, two rounds of layoffs, as the people who made MindsEye and Splitgate 2 suffer for their leadership's decisions.
We checked out what's on offer in patch 11.2 - Ghosts of K'aresh, and found our interest piqued.
It's no secret that Xbox has had to scramble to recover after losing a LOT of ground in the console space. Reports suggested they were pivoting towards a handheld + Game Pass combo. But, with Valve opening up SteamOS to 3rd parties, is it too little, too late for Phil Spencer's team?
It seems everyone, Sony included, expected Marathon to be delayed. With that reality now coming to pass, what can Bungie actually do to turn things around with their (already struggling) upcoming Live Service?