If GMail kills email marketing, I will walk all the way around the world to Palo Alto and personally shake Larry & Sergey by the hand. Nobody likes email marketing, not even the people building their livelihoods on top of it.
If Google managed to snuff out such a widely reviled marketing channel, it would be an enormously disruptive force in the tech industry. And disruptive forces aren't hurtful for the startup community at all. Disruption makes room for innovation.
Sure, it'd be bad news for SendGrid, but it'd be awesome news for some lucky group of people in the 2015 YC batch.