Given the blast radius of this (all regions appear to be impacted) along with the fact that services that don't rely on auth are working as normal, it must be a global authN/Z issue. I do not envy Google engineers right now.
Nope, especially considering the implications of this, with the amount of people working remotely. Google Meet, Classroom, etc. are down. This is probably literally costing billions every minute just in loss of productivity.
Nothing is operating at minute margins unless it's explicitly priced on a minutely basis, like a cloud service. Even if a worked on a conveyor belt can't produce paperclips without looking at Google Docs sheet all the time, this will be absorbed by the buffers down the line. And only if the worker will fail to meet her monthly target due to this, loss of revenue might occur. But in this case the service has to be down for weeks.
In case of more complex conversions of time into money, like in the most of intellectual work, this is even less obvious that short downtimes will cause any measurable harm.