Good point. I was thinking about this through the lens of how Google looks when doing an acquisition and under-valuing the fact that these spin-offs would be already-constructed Google-shaped offerings.

Still, it sets up a monoculture of service fabrics those products can run on where the division between orgs is, at best, paper-thin; at worst, search or ads dies and takes services with it (or vice-versa) because without several eng-decades neither of those sub-companies are kitted to act as an independent company.