You are alas right.
Not only concerning MS but a few other (mostly US) IT companies. Lived on their past. Ditched their customers. Never mind.
The story will end up badly. Of course.
I can still distinctly and joyfully remember the great MS time period - 1987/1997. This time is over. By ten years. Be careful not to overinvest the stock exchange and the NASDAQ specifically...
There was the subprime mess. Then the private debt mess. There will be the "big and fat IT nigthmare" when the coming US recession (I hope everyone is aware on the UT) will suddenly freeze US IT at their current stage for a couple of years...
Concerning the now fatty and supercilious MS, it might even be much soon than some expect. Whatever their size, empires can and will fail. Of course US has a lot more to offer to the world than bloated and costly software that fail to deliver.
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