The whole promotion looks like an offer targeted at specific recipients. Promotions appear directly in the Xbox Store in the "For You Only" section, so not everyone sees them. This is why reviews on the web vary: some boast huge discounts, while others don't find similar offers.
According to published screenshots and player stories, the Xbox Series X 2TB, the standard 1TB version, and the Xbox Series X 1TB digital model are participating in the promotion. Discounts on refurbished units have also been spotted. This shows that Microsoft is looking for different ways to convince those who are hesitant to switch to the new hardware.
Although the corporation has not officially announced this campaign, there are many indications that it is part of a large-scale plan. Microsoft may be trying to gradually transfer the remaining Xbox One users to the current ecosystem before the next generation, Xbox Project Helix, appears on the horizon.