At one time this was a function of how Google did promotions/pay raises. I'm not sure if Hangouts got caught in that catch 22 or not but it did kill a lot of decent projects.
Had that team remained relevant they could have conceivably done a "Chromebox" Hub like the Surface Hub and given Microsoft some competition in that space.
EDIT: Ok so as is pointed out there is a chromebox for meetings. Pretty nice. Seems to be out of the Enterprise group though, is that still part of Google or is it an 'Other Bet' now?