But also note this is not a hobby project. It is a full-time project by Chromium engineers (just not an official Google product).
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.