We could be... but why? What's the product?

It makes sense they prototyped it. But putting it into production is $$$, way more expensive than current street view.

Current street view works well enough. How is a massively upgraded 3D version, that is bloated and slower to use on older devices, going to make Google more money?

It feels more like a separate product to license to architecture firms, city planners, video game studios, etc.

By selling virtual billboards within the street view

Google mission statement is “to organize the world’s information and make it universally accessible and useful.”