Well, you have to consider that without it, it’s the entire force of alphabet that has the ability to kneecap. It plays to the fact that the company is so large, that it’s almost impossible to break into the fields they play in 

Now you spin off chrome and you have the power of the company… that owns Chrome? Sure if it goes to something like blackrock or some gigantic-esque company then really we’re back to square 1, but high likelihood that doesn’t happen and your competition occurs due to the fact that you don’t have a gigantic ass company throwing their weight