It might already be priced just above what competitors are perceived to be willing to pay. For all we know, its actual value to Google is much higher than what

It might already be priced just above what competitors are perceived to be willing to pay. For all we know, its actual value to Google is much higher than what they're paying, but with nobody else able or willing to pay what it's actually worth, they're able to pay much less. Another factor worth considering is that Apple's been pushing pretty strong for user privacy across the platform. It's possible they're leveraging that to extract more from Google, when other providers (like DuckDuckGo) might pay less, but be willing to offer better privacy protections.