It certainly harms consumers, so I don't see how the court still approved this especially with the judge's comment against the comparison to Sony. Almost all mergers of this size harm consumers, the fact that it's allowed by default is the crucial issue.
If the FTC still had a spine they would go after all of these kinds of exclusive deals - and not just limited to games.
The film industry was famously broken up such that the production companies couldn't own theaters yet in 2023 that rule (if it still exists) is so weak that most production companies have their streaming service and aggressively pressure theaters into exclusivity Windows.
At the end of the day this only strengthens the trend to PC gaming which only benefits Microsoft and can only hurt Sony. It would only be a minor surprise if Sony joined the Proton/WINE effort with Valve to get around Microsoft exclusives. (Which does help consumers but in a 3D chess kind of way).