I think the exclusive model could still work, but it requires a VERY compelling group buy-in. Remember back when there was a very wide set of games for which you had to have a PlayStation to play them. Even Nintendo still succeeds at this, albeit with a current dip due to a low number of Switch 2 exclusives. No matter how much anyone here would fuss about it being anti-consumer, eventually there'd be enough compelling reasons, and some people may just bite the bullet even if they're regularly PC gamers. From there, that's where the real money is; getting people to keep burning money on live-service games on that given platform, since people are locked in.

No way can one or two occasional console exclusives manage that wall of compulsion on their own.