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Chrome was successful because it embraced the classic embrace, extend, extinguish. People were drawn to niche browsers because they were faster, designed better, and had cool customizations like extensions.
You have to court users by giving them something they want, before you can get to the position of flexing your influence to drive the direction of the web, which I suppose was the strategy with Chrome from the beginning.
With Microsoft Edge, by contrast, I don't feel like it's deliberately trying to offer something new or better. I would contrast that with, say, Brave, or Vivaldi. I don't use either of them, but I feel like they are trying to innovate and they understand that they have to.
Microsoft has the capacity to bring something new and better to browsers if they wanted to (I would love for someone to bring back Opera Unite, which I thought was revolutionary), but it just doesn't seem like it's part of the strategy.