People expect it to act like a (or rather 50) small, nimble, innovative start ups. But it isn't that. It's a large mature corporation in a stable market (search/advertising).
This is why there were layoffs recently: Google's future is not growing (where people are an asset) it is Efficiency (where people are a cost centre).
This is also why Google struggles so much with innovation, new product lines etc. The same things that stopped GE or AT&T becoming big players online will stop Google from being a big player in <Insert New Thing> (remember before ChatGPT when it was Crypto and Google didn't have a coin? Or before that when it was Quantum computing and Google were totally definitely building one, it just still doesn't exist?).
And all of this is A-Ok. This is just the corporate lifecycle. There are very good, economically sensible, pragmatic reasons why big companies do not innovate and why efficiency is more important there.
Whether Google needs a new CEO or not depends entirely on whether it's current one can deliver that. But Layoffs are a sign the current guy is doing his job, people just don't understand (or don't want to understand) what his job is...