A lot of successful Google products were acquired (Android, YouTube) and others were able to leverage their dominance in search. But we also saw that approach fail when the entire company was directed at trying to beat Facebook. It infiltrated all their existing properties and employees were directly incentivized with compensation linked to the success of Google+. And yet all of that wasn't able to overcome Facebook's network effect. The go-to Google strategy for creating a hit product failed (and it also explains why they seem to fail at anything that has network effects or requires consumer affinity and brand: 8 messengers and countless failed hardware products).
Google stands a good chance of being the next Xerox PARC: good at science projects and technology, but destined to see others capitalize on it.
And it makes sense if you think about it. Google's origin story was 2 PhDs coming up with better technology in a market that was already defined and a business model that was already understood. They applied that technology well, but it was only possible because of the openness of the web. It feels very much right place, right time.