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Sony buys exclusivity all the time and they are the market leader. It’s easier for them to buy it because, as the market leader, the developers won’t lose out on the majority of potential players by going exclusive.
But this creates a positive feedback loop where Sony can get lots of exclusives which leads more players to move to PlayStation due to the exclusives which helps Sony get even more exclusives etc.
The FTC should really investigate those deals.
PlayStation and Xbox are a small part of two mega-corporations. They have tons of money and capital from the rest of their businesses. So the amount they can invest in their gaming divisions is a matter of choice, rather than circumstances.
Sony is a market leader, largely because of their exclusive games. If this feedback loop as you say were real, Microsoft would be struggling to afford Activision/Blizzard/King due to their 3rd placed console.
Nintendo is the only console maker that has its ability to invest limited by it’s market position. That’s why all of their consoles are dated on release. They don’t have a monopoly on desktop operating systems or a global electronics empire to cover their costs.
It’s not sonys fault microsoft can’t put together deals or make good exclusive games. Microsoft has been buying devs and signing exclusive agreements for over 20 years.