What you describe in your first sentence is a correlation. Additionally, risk management sometimes involves preventing things that have never happened before.
We may just have to disagree on the value of Google. It seems obvious to me that it is a critical asset to Alphabet that must not lose search/product share before another Alphabet subsidiary pays off. I believe the purpose of spinning companies out of Google is more about improving capital allocation than protecting either brand, with the possible exception of Waymo if there is a huge backlash against autonomous vehicles.
We may just have to disagree on the value of Google. It seems obvious to me that it is a critical asset to Alphabet that must not lose search/product share before another Alphabet subsidiary pays off. I believe the purpose of spinning companies out of Google is more about improving capital allocation than protecting either brand, with the possible exception of Waymo if there is a huge backlash against autonomous vehicles.