Madness! Does anyone ever fear that all these big companies will take over VR and not leave room for the little guys?
Well, Facebook/Oculus just went the opposite direction and closed their in-house studio, in favor of putting more resources into indie developers and the general ecosystem.
*If* Google bought them to make any kind of content (i.e. not just for the gesture technology), then the idea is probably to take a page out of the playbook of console manufacturers (with Nintendo being the prime example). So, they might provide a few top-notch first party titles, in order to show off the platform and get people interested.
But I really think they want to be in the platform business rather than the content business. So, the vast majority of titles will be made others and they'll just take a cut of everything sold through the Play store, as well as harvesting usage data from all the users.