It's unclear who would buy. Lots of companies and private organizations were benefitting from Cloud Print, but would any of them be interested in taking on the cost of operating it?

Also, would enough Googlers be willing to spin out from "the mothership" to go work for a spinoff that likely couldn't afford the same benefits package?

(And this is to say nothing of the fact that most of Google's software is written atop Google's internal software infrastructure, which generally cannot be ported out of the company. It just won't work outside the ecosystem of services it assumes exist).