Google Apps Script has had this functionality for years. https://developers.google.com/apps-script/guides/triggers/
Disclaimer: I work for Google.
A lot of this is already possible today with Google Apps Script (https://developers.google.com/apps-script/). I've only recently started using it, but it's really easy for things like sending an email out whenever a form is submitted.
Not that I care to have that level of introspection into my data but it opens up some interesting opportunities.