That's no way to run an (overly litigious) society.
Employers generally assume liability for torts (civil liability arising from wrong-doings) vicariously. For example if an employee somehow puts rat poison into a customer's burger, the employer is automatically liable for that, because they are responsible for the employee's actions. (See eg. https://en.wikipedia.org/wiki/Vicarious_liability )
But if on the other hand a recently laid-off ex-employee sneaks back to the restaurant and then adds rat poison to the burgers, the liability of the employer isn't automatic (you can claim they should have done better with their security etc., but it is probably a defense to say they did all reasonable steps to secure the facilities).
So yeah, I call bullshit. More likely is that the C-suite just cargo-culted some "layoff best practices" and it just became a thing you did without questioning.
I'd be curious if every laid off Google employee experiences this hard cut off, or if it's determined case by case.
If a current employee causes damage, that's one thing. But if a recently laid-off employee who retained full system access causes billions in losses, the CEO and board would face severe consequences legally and reputationally, since it would be perceived as an obvious security lapse.