According to Wikipedia, Bell Labs most notably contributed to the invention of "radio astronomy, the transistor, the laser, the charge-coupled device (CCD), information theory, the UNIX operating system, the C programming language". Google doesn't come close to such groundbreaking innovations [1]. Granted, there's not a whole lot of those these days but it can't be a coincidence that innovation slowed down at the same moment Bell Labs was downsized. Google doesn't help with that.
[1] MapReduce is probably the most important thing Google researched but it only helps with companies' computing load, much like AT&T's telephony protocol improvements we never talk about.
[1] MapReduce is probably the most important thing Google researched but it only helps with companies' computing load, much like AT&T's telephony protocol improvements we never talk about.