The Outer Worlds 2 director Brandon Adler explains that the studio does look at all of the available IP owned by Microsoft when it comes to choosing what's next for the studio.
Obsidian knows that you want Fallout: New Vegas 2, and despite Fallout and Obsidian sharing a roof under Microsoft, the studio has been mainly focused on its original titles like The Outer Worlds, Pentiment, Grounded, and Avowed. Throughout its history, Obsidian made a name for itself as the studio that would make (generally better) sequels to RPG classics, but since Pillars of Eternity, the studio has been all-in on its own franchises. But that doesn't mean taking another's IP for a spin is off the table.
Speaking to GamesRadar+, Adler explains that when it comes to what the studio is working on next, "we do look at everything that's available to us," and acknowledges that Xbox owns "a ton of different IPs that we could be looking into and playing around with." While he doesn't mention it by name, obviously Fallout is the big one given the studio's history.
However, Adler also says, "We have our own IPs at Obsidian." He continues: "Do we want to kind of follow those up, or is there something new that we kind of want to bring to the table on that?"
Adler has previously spoken about wanting to establish the "Obsidian RPG" as a label (which he brings up again later in the interview), so I wouldn't be shocked if Obsidian sticks to its own guns for a while yet going forward. But if you ask me, they should get in touch with Sega to bring back the studio's true magnum opus, Alpha Protocol.
