Google knows what they're doing. Being a private enterprise, they can block you from "buying" the competence name (TM) to put your own product.
Just try to buy "Google" term to advertise your business (let's say you are Dropbox and want to buy "Google" and "Drive")... Yeah, they had it blocked. But you can buy "one drive", which is unfair albeit legal. It's not as the terms in dispute were "project", "management", "time", "team". It's the brand name, which incidentally in the case of Basecamp has zero relation with what they're selling.
If Google wanted a fair play they would come with something akin to the Trade Mark laws built in house.