Possibly. They've bought studios/developers before without much to show for it, but obviously the Zenimax acquisition is on a whole different level. It's still vaporware until something actually comes out though.
I also have to say, I'm not really loving the idea of a giant company like Microsoft just going through the industry buying up a ton of studios. It's one thing to build up talented studios internally, but having a huge publisher go around acquiring existing established studios hasn't had a particularly great track record in this industry (thinking of companies like EA and Activision).
zenimax/bethesda was publicly not in a good position, was looking to be purchased and had a long history of working with microsoft. if you're actually worried about a giant company going through the industry then companies like tencent might be a bigger concern when they have a track record of buying at a much larger rate than microsoft ever has.
this isn't the old microsoft and according to the studios that have been bought by microsoft they all rave about it and say they have complete creative freedom so unless something drastically changes im not worried bout the track record of ea or activision when looking at microsoft.
sony has been pretty aggressive with locking out other platforms with long timed exclusives, they're also acquiring studios and with the recent leaks they are trying to prevent companies from doing business with game pass. if microsoft doesn't make these moves they won't be able to compete.