I think you're overlooking the disincentives to competition that exist while Google is so consolidated. Google funds things like hardware, cloud, and Android so

I think you're overlooking the disincentives to competition that exist while Google is so consolidated. Google funds things like hardware, cloud, and Android so that they constitute a hundred-mile moat around its core Advertising and Search business. Android could lose basically unlimited money without Google winding it up, because its key role is to prevent the emergence of a competitor that would threaten to become another intermediary between Google and consumers. A lot of these secondary products and services are not there to be profitable, they're sold at unrealistic prices (or given away for free) to kill competition. Once spun off, these products or services would have to become profitable on their own feet, which would - after an initial spike in prices - make the space a lot more competitive for other firms seeking to enter that market.