We live in a world where services like the ones Google provides aren't just optional, they're critical for so many people. Some have less money in the bank or home than the value of their emails, contacts, media, and whatever else may be stored in Google's systems. Some of those things are priceless.
I agree that it's Google's right to refuse to have/keep you as a user/customer but they should be legally forced to give you back all of your data or at the very least give a generous notice period.
I'm actually hoping that some regulation will be put in place to protect users and ensure that they never lose their data.
Prudent regulation is necessary, but a strong lobbyist group for programmers such as a union or professional association would hurry that along much faster. Developers are end users too, and would be the most likely source of such a push in today's system. Unfortunately unlike lawyers, dentists and doctors, programmers think they're too smart to get organized.