[1] Yes, you have SPF and DMARC to contend with.
$ telnet localhost 25
Trying 127.0.0.1...
Connected to localhost.
Escape character is '^]'.
220 localhost.localdomain ESMTP
EHLO jlgaddis
250-localhost.localdomain
250-PIPELINING
250-SIZE 26214400
250-ETRN
250-STARTTLS
250-ENHANCEDSTATUSCODES
250-8BITMIME
250 DSN
MAIL FROM:<[email protected]>
250 2.1.0 Ok
RCPT TO:<[email protected]>
250 2.1.5 Ok
DATA
354 End data with <CR><LF>.<CR><LF>
From: President Barack Obama <[email protected]>
To: willvarfar <[email protected]>
Subject: LOLOL
This is an account hijack!
-BO
.
250 2.0.0 Ok: queued as 6AE031F5FE
QUIT
221 2.0.0 Bye
Connection closed by foreign host.
$You can use S/MIME as well, which has its own tradeoffs like all PKI but also somewhat more widespread and mildly more seamless support. But your basic, unless the e-mail is cryptographically signed in some manner there's no significant authentication for email. If cryptographic signing was more widespread then issues with spam, phishing/spearphishing, etc could be significantly reduced simply by virtue of elimination of spoofing. That day does not seem likely to come any time in the foreseeable future however, given that if anything end-to-end cryptography in email (be it for signing or encryption) seems to be going backwards, not forwards. It'll remain an irritating situation for a long time to come.
Either way, it isn't a hijack, you can just send email from the "hijacked" account through Google's servers, you can't receive email sent to the account.