People repeat this a lot, but it's obviously not true. Google Photos is recent, really good, and had more than a billion users really quickly. Waymo is like a decade away from eating the entire urban taxi market. Gemini is the best LLM for writing code right now. I guess you could call these "rare exceptions" but I don't think that's a useful way to describe them.
Hell, even YouTube improves every year by leaps and bounds from both a revenue/profit standpoint, AND from a creator support standpoint.
Google deserves to be heckled mercilessly for how easy engineers have it there and how eager it is to kill off products, but suggesting that it's a dying company coasting on ad money is just totally wrong.