Interesting that the copyright is by Google yet they have permission to release it under the Apache license and yet it isn't an official Google project of any kind.
See https://developers.google.com/open-source/projects for more, and if you'd like to come work for a company that lets you use 20% time to create new projects or contribute to existing projects, visit http://www.google.com/about/careers/.
I understand the point you are trying to make but at some point it becomes semantics.
ie they want to give their engineers the ability to do neat projects—projects that could potentially make money—but they don't want to back each one fully, and they don't want to have their brand tarnished if the project fails.
It could fail. And even if it succeeds, it isn't ever going to be a "product", but a Web Platform feature.
*Note: I am the person leading this project.