> Is it wrong for the management to say "We need to be efficiently investing shareholder capital" or for the market to be looking at Google and saying "We want your money spinning monopoly business please, not your eccentric other bets thanks".
On some level yes. With the massive disparity in who owns the markets, your argument is basically “Is google doing a good job of making the rich richer?”. Hiring H1Bs and offshoring while firing American labor is not a good look.
Why keep a company like that around?
Now take it one step further. Google and other large megacorps are merely the inevitable outcome of capitalism running to its logical conclusion. So the real argumenmt is, “Is capitalism doing a good job of making the rich richer?”, and the obvious question for the rest of us then is, why keep an economic system like that around?