Wave's failure and that of Google+ might have been the turning point for Google, never really to return to its former glory.
Google+ was pure garbage being shoved down our throats. That was a huuuge signal that Google had changed.
I think that was maybe a secondary problem with Wave: it was marketed as some new voodoo that ended up smelling like a hammer seeking a nail, when it was really just Email 2.0
They were around 10% in Europe when they ramped down everything.
It was the option for those unable to buy iPhones, and not willing to use Android as alternative.
However we had the whole mess with Windows 7 to 8.0 being a full reboot for devs, 8.0 to 8.1 being a reboot, 8.1 to 10 yet again, which naturally meant no one cared with quality apps as well.