Per your observation, I would argue that the intent of the privacy policy as quoted above is pretty clear. When the policy says that the identifier doesn't contain PII, I believe that is meant to convey that it will not be used to identify you. But it's true that that use is not explicitly excluded. I'm not a lawyer so I couldn't tell you if being weasely in this way would count as fraud or not. Otoh, I suspect that Google is actually abiding by the spirit of the policy they wrote because honestly they have little to gain and much to lose by violating it.