Streaming is the way to go
If you're fortunate enough to live in a country and locality that has decent internet, then maybe. But as someone who lives in Australia where the government believes that 25mbps is more than enough for every day Australian needs, streaming games will not work.
This isn't new territory either. Sony purchased a company called Gaikai that were building game streaming technology, specifically for high-end games. Sony rolled this into their Playstation Now service (which has issues).
Any form of gaming Google gets involved in won't be the likes of Playstation or XBOX level, it will probably be some streaming box running Android that can play games from the Google Play Store.
We also can't count Nintendo out because the Switch has been a runaway success getting first-party gaming titles as well as original Nintendo IP (Pokemon, Zelda, Splatoon).
We'll see though.