Being what Android is now is a bit of a stretch, for 3 reasons:
1) There's no way they could've turned Ubuntu into a phone OS that quickly back then. Google owned Android, a mobile OS that already existed, since 2005. They were already planning to launch it around the iPhone time, or a bit later after that. But then the iPhone appeared, and they only needed to add the more touch-friendly interface to it, and then launched it in 2008. But the OS was already mostly done.
2) Google has much bigger funds, and it was much easier to get partners. If it would've been this easy for Canonical to get partners for their OS, I think we would've seen it by now.
3) Google had a much bigger fan base - which translates into many people willing to buy phones with their OS.
That being said, I agree the 2014 is way too late than it should've been. Canonical should've started working on this since at least the time Android launched. Let's say 2009. And they might've been able to launch in 2011, or even 2012. But they basically started working on this last year.
I'm not saying it won't succeed, because I hope it will, mainly because I want Ubuntu as a serious mainstream alternative to Windows, but they could've tried this a lot earlier.