Google Code had a few good years, and I am grateful that it happened. However, it did fail to win the software forge battle as the space heated up. It failed to evolve enough to keep up. It failed to keep the mindshare it built in those two initial years as Github and others blew past it over the next six.
So call it for what it is: A project that had two good years out of eight. Like many failures, there were successful moments and positive impacts on the greater community. But closing down due to losing constitutes failure.