Linux, Firefox and Mesa wouldn't be where they are without the generous contributions from IBM, SGI, Google, Intel, Microsoft, Compaq, HP, Cray and many others.
If it would be only about donations and community, I would still be using Solaris, HP-UX, Aix, or any other commercial UNIX platform.
It doesn't matter what were their ultimate reasons, no other company besides IBM bothered to make an offer, and even IBM did not care enough to cover Oracle's offer.
Google was specially bad in this, after having torpedoed Sun with Android and not caring one second to rescue it. Why bother they already had gotten what they wanted and with luck they might just managed to get off with it.
So yes, Oracle did rescue Java, if it was up the community, maybe we would have an open source version stuck with Java 6 features and that was all about it.
GCJ has proven how much the community is able to achieve regarding Java high quality implementations.