Google makes the Pixelbook. It is definitely not the "best" laptop when you consider less expensive alternatives, and it is not the best seller.
But, Android would be called a successful strategy.
And, Chromebooks would be called a successful strategy.
What I'm trying to say (and would love to hear comments suggesting otherwise) is that these forays into hardware might just be to guarantee a baseline level of quality for vendors of the products to aspire to. And, in that light, even if the hardware divisions aren't making a dent in the Google's reported revenue, they still serve and were effective in their goals.
These cutbacks are just evidence that Google wants to optimize the way things are done, not evidence that they were failures.
GCP is a different beast, however. :)