Google used to (still does?) disable many features of Maps if location history was disabled. I kept it off, but could easily see many people felt forced to give up on their privacy for the convenience.
I didn't say that you had share location history to get search history, only to sign in. Maybe there was some point in the past where sharing location history was tied to having search history, but I don't remember it, and it's certainly not the case today. If you think that's the case you'll have to provide some third party corroboration.
You do not have to share your location to store search history.
Maps should not store addresses you search for without you signing in.
correction: to most institutional investors that take precedent over the end user people