This example is the perfect microcosm of the economics of innovation at large companies. Google/Microsoft/Apple/Amazon and the like have zero incentive to continue to be the companies they were 20 years ago. They don't need to take risks. They don't need to disrupt anything. They instead need leaders like Pichai who will keep the ship steady and keep the shareholders happy, and will keep investing in or purchasing smaller companies that are either a threat or an opportunity for growth, all while keeping their existing revenue streams flowing.
If as an employee you are nostalgic about the "culture" in the early days of such a company then you should realize that it is not coming back, just like the carefree days of your own childhood aren't coming back. Quit and join a smaller company instead.