You are skipping over the part where you need to bring normal people, specially young normal people, back to google.com for them to see anything at all on google.com. Hundreds of millions of them don't go there anymore.
And when is that going to be? Google clearly has the ability to convert google.com into a ChatGPT clone today if they wanted to. They already have a state of the art model. They have a dozen different AI assistants that no one uses. They have a pointless AI summary on top of search results that returns garbage data 99% of the time. It's been 3+ years and it is clear now that the company is simply too scared to rock the boat and disrupt its search revenue. There is zero appetite for risk, and soon it'll be too late to act.