So if they with presentations or such manage to convince you of their product vision they are a very attractive founder, as they then have both product vision and the technical skills to not get tricked into hiring shitty engineers to build it for them.
To a VC who has very few other ways to asses you, having something in you past that singles you out as someone who has already cleared a highly selective process means you are more likely to be the kind of person who succeeds.
Nothing to do with Google's own products. Any other club similar difficult to get into will convey the same signal.
It's a crude signal, but it's a signal.
[edit] as an example, people don't think of the Fire Phone with they think of Jeff Bezos.
unless the VC is colorblind.