No, it is not. If I decide to change the design of a bicycle to have square shaped wheels I have not innovated. I have instead made it objectively worse.

I think to innovate is generally accepted as meaning to improve upon something in some way. I don't think G+ improved anything, as its abject failure in the real world demonstrates.

Yahoo search did make money with banner advertisements, and when that was doing well people called Yahoo search innovative. Innovation is used like a buzz word. Truly anything new, even if it is poorer than the previous product is innovation, it may not sell, but it is innovation!