Google is a data/information company and you are completely disregarding the impact Waymo has on that especially for the Maps product.

Waymo is also already a market leader in their space.

Just because it isn't registering big enough revenues to McKinsey level value extraction only MBAs like CEO Sundar Pichai and Wall Street doesn't mean anything. Most of those in that space have no idea how to create value, only extract it.

This type of 'it isn't making money' thinking is similar to how Jeff Bezos at Amazon was attacked for putting all profits back into R&D, or how Elon Musk at Tesla/SpaceX pushes products, or even when Jobs came back to Apple. The bean counters do not understand value creation and do not have product/engineering/creative mindsets.

What product/engineering/creative people do is value creation that create the engines for 'making money', the engine doesn't just pop in, there is a concerted effort of play, production, design, creativity, engineering, crafting and refinement that takes value creation to get that engine running which results in value extraction.

The business/marketing/managers should just stay out of the engine room and just make sure there is enough runway.

The product before the sales/marketing is key. A product of value can always be sold or marketed. You can't sell/market your way to a product.

The value of every corporation primarily reflects expectation of future profits. That's the reason P/E ratios differs a lot even for established companies.