Don't you think Naughty Dog is an exception? An outlier?
I don't believe all it takes is time and money to build up a studio. The leadership and talent has to be there plus they need the right ideas that are agreeable with the overall portfolio strategy (MS has managed their portfolio to fill gaps or ensure there are no redundancies), and ultimately they need to produce commercial successes.
Microsoft has invested in their studios where they are seeing success. They built 343 from scratch, more than doubled BlackTusk/The Coalition in 2 years, have kept Rare on despite a handful of commercial failures, and are seemingly continuing to support Press Play and their open development concept. I haven't kept up with Lionhead or what they've done with Mojang, so no comment on their situations.
There are plenty of examples of other publishers, Sony included, that have a history of no longer investing in their own studios, or sometimes even choosing to no longer invest in projects within successful studios (Sony Santa Monica). Sometimes things just don't work out and there's no alternative.