Canon EOS R does not have image stabilization. Is this a joke?

Canon's brand shiny new EOS R has no image stabilization while all of its competition has 4-5 stops of image stabilization. Is this a joke? This puts the new Canon mirrorless way behind its Nikon and Sony counterparts. Think about it, you can adapt a non-IS lens to the Sony Camera and it will have 5 stops of stabilization and yet if you attach it to the Canon mirrorless, it will not have stabilization. Some say Canon is doing this to protect its line of expensive lenses with IS because having IS would not be an advantage if IBIS was implemented because then all lenses(including cheap ones) would have IS. This is a flawed strategy and Canon will lose market share because of it.