I know someone who left Google about 6 months ago after having worked there for 12 years, and I had a lot of interesting conversations with them recently. I left Google many years ago.
Google is in the midst of an epic struggle to transform itself. I think it's succeeding in turning into a sustainable post-ads company, and I think Google will be around for many years to come. However the transformation is not pleasant for many of the SWEs, particularly those in GCP.
I can say with some confidence that GCP is not in peril. TK is turning the ship around, and a fresh infusion of "conventional company" executives are doing what it takes to make the changes happen. A lot of Google SWEs are suddenly being directly exposed to revenue targets that they have to meet by clawing enterprise sales from Amazon and Microsoft. Not all of them are up to the task, and many are fleeing to... well, I bet many of them are getting a "rude awakening" about how the tech industry outside of their popping Google bubble has to operate.
All of the sudden they can't sit back in their castle and wave their "A/B test" wands to figure out which experiments draw in 20,000 daily users vs. 17,000 daily users. Instead they have to take orders from sales and PM as they scream at them to hurry up and build features to get 5 or 6 more enterprise contracts signed by such-and-such a date. Google SWEs have never needed to pay any heed to sales or PM; they just used to do whatever they felt like doing, launching it, creatively selecting metrics that demonstrate "success," collecting their promos, and dancing along to the next shiny thing.
That fantasy world is gone.
As ads revenue falters, the real world is slamming into Google full-force. I actually expect the opposite of "not caring" about photos, music, etc. to happen. Google is quickly moving into a phase where a reputation for shipping and supporting stable, durable, and compatible solutions is what it desperately needs in order to win and keep enterprise customers. We're going to see it happen, and the Google SWEs who survive are the ones who are willing to humble themselves, roll up their sleeves, and compete head-to-head with AWS and Azure SWEs on a level playing field. It will mean harder work for less pay, fewer promos, and less autonomy.
I have a hard time feeling sorry for anyone working at Google today. It's still a very privileged place to work, especially in the midst of the global turmoil going on around us right now. I do, however, have little patience for any Google SWEs who still expect the "ship shiny, collect promo" career path to work out for them there.