Google can't just research glucose-sensing contact lenses, they have to publicize their research. They have to show that they are an innovator, either for recruitment as you say, or to impress Wall St, which is definitely all about ROI. I'm sure plenty in the company do care about technology and innovation, but they are still answerable to shareholders.

This plays out plenty at Google. They make a big splash investing in a speculative technology, devote a huge team to it for a year or two, then dump it to move on to the next big thing. I'm not saying this is a bad thing, but it's not the same as academia.