If Google didn't raise big money, they wouldn't have went on to do as many early acquisitions. Without those acquisitions, they don't stumble onto adwords/adsense and they remain a mildly profitable company.
Adwords was out for around 6 months before the company's very first acquisition, DejaNews.
http://www.google.com/about/corporate/company/history.html
Google quickly became insanely profitable after launching adwords. They only ever took $25MM in private funding.
http://en.wikipedia.org/wiki/History_of_Google#Financing_and...
I'm curious as to how you arrived at the assertions you made.
Google make the vast majority of their money through ads (no surprise). Adwords didn't take off until they acquired Applied Semantics (for semantic processing) and Sprinks (contextual aware ads). It may have existed pre-acquisitions, but it didn't look anything like the current version, and wasn't anywhere near as profitable.
That is the point.
It is why Larry and Sergey retained such a percentage of the company in the A round; They had an alternative.