They are merging YouTube Gaming to YT itself (cited branding problems), discontinuing Inbox next March... Add that to a long list of canceled services. I am not saying they have to run a charity but they do seem very heavy-handed in these situations.
And so far we have not seen them innovate anywhere for a while -- correct me if I am wrong.
To me, it seems they entrench themselves even further in the business of using personal data for profit -- one example could be the upcoming laptop OS Fuchsia. Imagine how much more they will know about people if that takes off on a massive scale.
As for alternative revenues, they are heavily pushing Google Cloud platforms to businesses.
The major now seems to be on Google Cloud, but they have struggled there with bad marketing, lack of sales and support talent, and strange priorities. Seems to be growing now with the AI functionalities but there's a long road ahead.
Like sibling commentors have pointed out, it's easy for even relatively successful ventures to be completely overshadowed by the golden goose that is ads and search.
Tl;dr: High cost of entry for newcomers
(Note I said “users” not “customers”)