Boring... They are just trying to sell their pixel phone... Seriously, haven't seen one great hardware product from Google.
This may sound far-fetched, but given how many apps they have for their platform(s), it would be a good move. I am not keen to buy a Chrome OS laptop (why do I need permanent internet connectivity? microcomputers negated the need for a mainframe...), but one that runs its own local OS that can operate independently of a remote system (like many Android apps that save locally, then sync periodically) would be good.