The 'best price guarantee' guarantees the customer will receive the lowest price for their ticket. Google will refund them if anyone gets a lower price.
The airline can release, for 30 seconds only, a much lower price. Then Google has to refund all their customers, and the airline might only sell a handful of tickets at the lower price.
Remember airline tickets aren't fungible. They have names attached, and can't be resold, so nobody can buy up thousands of tickets in a price dip and resell.
"Prices are measured between the purchase date and the departure date of your eligible itinerary." [1]
The key things to interpret there are "between" and "departure date". For example, I would interpret that as price changes on the day of the flight don't count. (i.e between is exclusive and date means the date, not date and time).
[1] https://travel.google.com/intl/ALL_us/booking/flights/guaran...
The airlines really are shooting themselves in the foot though... Google will end up with the biggest slice of the pie...