In fact, MS doesn't do remasters because they don't have relevant franchises to remaster
Voodoo Vince Remaster or Phanton Dust are examples of the level of games that MS has available to remaster
The problem mostly comes to "how many copies will it sell?"
If the original game didn't sell as much - and the software-buying population has decreased since then - how many copies would a remaster sell?
Their very old games were good and will sell a lot as remasters (Halo 1-2-3, Gears 1-2-3, Fallout New Vegas etc.) but they are so old, a simple remaster wouldn't work. They will need a thorough remake, which ups the cost and requires higher sales. Their newer games have mostly been awful, so remastering them doesn't make much sense financially.
Sony remasters games because their original sold 15-20+ million copies (Horizon, TLOU, Spider-Man, etc.). So the remaster has a chance of selling 1-2 million copies and be very profitable.