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If Blink and Chrome were to be spun out, it should probably be into something like a non-profit organization funded by sponsors, with a model similar to that of Blender. The only difference is that given Blink/Chrome's dominance, it'd be necessary to bar Alphabet and other companies with overwhelming power in web tech from becoming sponsors to help prevent conflict of interest.

This could have the effect of normalizing corporate investment in FOSS web engines and browsers, which could benefit Mozilla as well.

The hypothetical Chrome Browser Corporation will likely become like Firefox, trying not upset whoever gives them a search deal.

In what ways does Mozilla try not to upset Google?

They do implement ad blocking/anti fingerprinting. Mozilla obviously has to continue setting Google as the default search engine.

Just so we're on the same page, it has some precedent https://en.wikipedia.org/wiki/Browser_wars