The Xbox Series X will be just one of the consoles in Microsoft's next generation lineup, according to Microsoft. While his naming convention doesn't align to Series S/X, the idea does seem somewhat plausible with lower-specced versions being smaller than the Series X. The Xbox 360 followed the first Xbox and was, in turn, succeeded not by an Xbox 720 but by the Xbox One. We could get an Xbox Series S much like how we did with the Xbox One S. There have been reports that Microsoft's Lockhart is, in fact, a second less-powerful Xbox console that will be all-digital, although none of this is yet to be confirmed.
Making sure all of this is possible is a lot of work and so the Xbox team have been focusing on backwards compatibility for Xbox Series X since at least June 2019. It's likely that some retailers will still sell Xbox One X alongside the Xbox Series X, and Xbox One S will probably still be in stores as well.
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We also know that the Xbox Series X will support all your current Xbox One controllers and peripherals, which is lovely. It could very well be setting the stage for more variants of the Xbox console in the near future.
The Xbox One generation has also seen the Xbox division blur the lines between communities on console and computer, encouraging a subset of PC players to view themselves as part of the Xbox community through the Xbox Play Anywhere feature, the Xbox Game Pass and games published by Xbox Game Studios.
This is what Microsoft is doing with its next-generation console.
If we've learned anything from this, it's that Microsoft likes to over-complicate things, especially when it comes to the names of its products.