The only other thing that came to my mind was that this was some sort of reaction to all those lawsuits and investigations into possible anti-trust. Not that reorganizing the company is going to „fool“ any regulator, but at the very least, it perhaps sets things up in a manner that if regulators try to break up Google, there are preset „fissures“ that allow Google to „direct“ the cuts more strategically.
Frankly, the whole thing seems to be leaving a lot of people scratching their heads (myself included). It may turn out to be nothing beyond just a different take on a corporate restructuring — or it may be a prelude to the company doing something much bigger that would fit much more readily into this holding company structure