More to the point - if they expose their model's "thinking" inference, competitors can train on that to replicate the results. If they postprocess that content, e.g. by summarizing it, it's no longer as useful to competitors.

Exactly. Google won't like it if they spend millions to make Gemini 3.5 Pro's thinking the best in the world, only for Anthropic or OpenAI to copy it by just seeing the thinking process.