OP here.

Bankruptcy fear was real at the time. Google has at least a few thousand lawyers on payroll. They probably also have a process of handling delinquencies and sending them notices. A quick look at the lawyer fee to just manage the case, let alone fight it, is enough for bootstrapped company to raise hands.

+1 to bad actors possibility. I shared this with Google team, I'm not sure what they have done since.

We are out of that situation and I wrote the post so others, relatively new to Cloud don't make same mistakes.

Fail fast is a very bad idea with Cloud.