These worldwide anti-competitive lawsuit and penalty news are getting far too frequent that it makes me wonder if any of it is working at all. Meanwhile, there are some talks about some big impactful interventions. But again, they have remained just that - talks. Am I paranoid to think that these are just diversions with no real consequences? If not, why are we not seeing any improvement on the ground?

The "corrective action" from all these lawsuits have not been decided on or have not been put into place, that's why you're not seeing results yet. The legal system works exceptionally slowly (while Google has already made its money before the regulators woke up).