Microsoft's first console was simply called "Xbox". After that came the Xbox360. It was competing against Sony's Playstation 3, and Microsoft didn't want to release a console called "Xbox 2" when the "PS3" was available.
The "Xbox one" name came about as "Xbox 720" would be too unwieldy.
The "Xbox series" is the current generation, and is backwards compatible with "Xbox one". It represents a continuation of the series.
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