Why do you call it mono data? Given how close are each lense from another, I'm guessing, that anything far enough (0.5m?) from the cameras is beign recorded by at least two cameras at all times.
By processing those streams you should be able to derive high quality depth information from the combined video streams, and given the overlap in views re-compute a 'view' from any direction.
A lot of early work was done using the streetview cameras as well to do street facing feature extraction using similar techniques but as those cameras were essentially single shot (discrete pictures over time rather than video) you end up with the "slewing" effect of moving from one spot to the next.
Presumably Google will go out and do street view with this sort of setup and get a continuous terrain option so that you can really walk around as if you were there (caveat occlusion effects)
Google does some heavy-duty machine learning / computer vision on their servers to extract 3D information from these video streams (they mentioned having depth data). Then they presumably re-generate seamless stereoscopic 360-degree video from this 3D model. That's how they can get stereo from mono data.
It's something like those hyperlapse videos from Microsoft, they also first do number crunching on lot of video data to generate 3D model and then use this to fill in missing data.