I don't think so. Microsoft development is too entrenched to pull off something that requires so much synergy. Currently I'd say Fortnite and Roblox are serious metaverse contenders, but one that takes the cake will probably be some new viral product made by fresh blood. Microsoft might buy them, though.

If VR/AR is believed to be the forefront of the Metaverse than Microsoft is in the best position to do so with Work into HoloLens (AR) + kinect , numerous IP’s to use to build meta worlds, and the capital to burn.

What’s left to really show they’re going this direction is to release a VR that works on Xbox.