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.
