Not really. Certainly not a responsibility to abide by the whims of random people who want their content ranked higher.
And if we decide to burden them with "responsibilities", what about their responsibility to keep my search results free of spa^W SEOers' crap?
You're right that they don't have a responsibility to abide by the whims of random spammers, but they also don't have carte Blanche to use their power to regulate the internet as they see fit.
The 'it's their product so they can do what they like' line is simply not correct. When they take action like this they need to be scrutinized carefully and we as the public most certainly should debate the merits of their actions and their effect on the internet.
Google clearly does not have a monopoly on search.
If you think the word monopoly means that there is precisely zero competition, then you are not using the word as it is used by economists, governments, and the law.
Monopoly is defined by effective competition, barriers to entry and market power. Google qualifies.
I'm getting pretty tired of the attitude that they have no responsibility to anyone other than those who buy advertising from them since it's blatantly false.