"Google Search" isn't the business you're talking about there even, you're talking about the ads business, separate from Google Search. Search, as Google has implemented it, isn't a "business" at all, that's why they have to subsidize it with money from their ads business in the first place.

If Google instead spun out Google Search into it's independent company, with actual focus on search instead of whatever they're doing now, with an actual business model, it might actually work, granted they get back the old search quality.

Kagi is an example of search engine that manages to also be a business today and not theoretically.