Clearly this model no longer works. Bell labs had 11 nobel prize winners. What did Google invent? Slightly better generative neural networks whose offsprings now pollute their search results?
Google is an advertising company, search is a by-product and has been for a long time.
You're not wrong, but it didn't last. Google jumped the shark in its first decade. I remember giving an internal presentation in 2010 or 2012 about how little of the screen real estate in a Google search result was actually search results.