These are peoples' lives. People almost certainly quit decent jobs because there was a prestige factor in working for Google, potentially moved to the overpriced world of California, just to be fired less than a year later because apparently Pichai thought that interest rates would never increase and there would be free money for forever. These people have families, and they almost certainly thought that moving to Google would be a "stable" position, because it's one of the biggest SV companies.
I don't know if he's good for the stock price, that's tougher to gauge, but I do think he's a short-sighted jerk.