That's silly if you truly believe that. You can't buy the whole game streaming buisness like you are a dictator of the internet.They are buying the whole game streaming business - nobody can compete with twitch currently and sure as hell not with Google backing them. They are also buying another generation of content creators and a small revolution in advertisement. The tech must be worth something, simply because there isn't anyone else doing anything similar on that scale, hitbox or azubu are laughably small.
There were gaming sites before Twitch like Owned3D where Destiny streamed, and there will be sites popping up after Twitch is sold.
On the tech side Twitch doesn't do anything special that other streaming sites like Ustream etc are currently doing. The reason viewers like Twitch is the chat system allows people to make accounts easily that are not linked to anything, and the chat system is pretty simple instead of bloated like Ustream.
If viewers decide they are fed up with the way Google runs Twitch, and newer streaming personalities go to new sites Google won't have anything, but the Twitch name.
If you try to fuck with the Twitch viewership by imposing regulations on there favorite streamers, forcing them to link there twitch accounts with other social media, and shoving unblockable ads down their throats viewers will move one. Also if you make some streams unwatchable for people in other countries which is a large part of the Viewership of Twitch, they will find something else.
Not to mention if new streamers are forced to overcome the same hurdles as a new Youtuber does. You will see the newer generation of Gaming personalities go to a new site, and the old guard will fade away. Things move fast in the streaming business only takes one fuck up for your viewer base to turn on you completely.