Isn't "Kodak moment" a counterexample?
Hmm, doesn't quite roll of the tongue, does it? Not the same thing.
Furthermore, no one can compete with Google on price, since it's free, and it's very unlikely that anyone will be able to compete on quality, unless they start disallowing adblock somehow.
The best you can hope for as a competitor is to carve out a niche of conscientious objectors, and google doesn't really care about those people either, because they are intrinsically difficult to monetize.
Google is free because they are deriving revenue from ads. Another service monetizing with ads or by some other method not directly from users could share revenue with users, thus competing favorably on price with Google's free service.