I made a similar comment recently as well [1]. Google doesn't have many natural moats to their original cash cow, search, just habit and laziness among its users. Lose them and they lose their advertisers too.

It seems Google's primary competitive advantage is a well-architected technology platform (though Steve Yegge may disagree) and the world's top talent. But there's nothing like the kind of total control over critical infrastructure that the Bell System had which is the definition of natural monopoly.

[1]:https://news.ycombinator.com/item?id=14294354