I'm pretty sure Google has an AI that is on par with ChatGPT. The reason they still need more time is because they are now fine-tuning the AI to include their paying partners' products into the response.
It is VERY easy to make ChatGPT lie on future questions by injecting the right prompts. That means it is equally easy to inject ads into ChatGPTs responses. And if Google can pull that off, it'll be even more profitable than tolerating SEO spam so that brands need to buy keyword ads for their own homepage.
As a mental model, I believe the future of Google will be a personal butler that answers all of your questions. The butler usually does a good job, so you trust him. But unknown to you, the user, your butler is being blackmailed and forced to lie to you on some days for some questions.