That isn't how this works.
Google is investing a lot in making websites run better on user computers, while protecting the users from malicious websites. This is a problem if you're trying to sell a browser. And an opportunity if you're trying to make a good website.
If Google was actually sucking air out of the ecosystem, all of the VCs would stop investing in websites because no money could be made. But they invest because Google isn't doing that, and there is a ton of air in the economy.
For a contrast, look at what happened to Windows applications in the 1990s. Microsoft really did suck the air out of the system. Startups really did die en masse. And VC stopped investing in Windows applications because your viable outcomes were fail, be bought out by Microsoft cheaply, or be wiped out by Microsoft's anticompetitive behavior. None of which made money for the VC.