The promise of "new space" startups like SpaceX is, that they will somehow be able to reduce the costs of bringing up something into space by multiple orders of magnitude. That's what they promise, if people stop believing that they can do that eventually, they will just implode.
Bringing electronics into space has it's problems, but it's essentially proven technology. We have had space stations converting many kilowatts for decades now. We can do that, we know how to do that. We know where to get the energy from (storage and batteries) we know how to cool that. We know how to do high-speed data links. A Terabit to a LEO satellite is just a regular engineering problem.
So why don't we just put data centers in orbit? The answer is that putting anything into orbit is prohibitively expensive. We can have most of the advantages of the technology also without putting stuff into space. You can run data centers by solar and wind, heck it's hard to find a hosting company in Germany, for example, that does not do that.
Claiming that data centers in space have a future is claiming that "new space" companies are likely to achieve their goal. I don't know how much investment Google has in "new space", but if it's a billion, spending some pocket money on such an experiment seems like a sensible investment to strengthen that investment.