This sounds like a new name (and possibly more executive support) for what those guys have been doing for years now. The guys in that article have been working on finding bugs in non-Google products for a little over two years and you can see their past results through the advisory credits they've received at Microsoft and Adobe as well as from open source projects like FFmpeg. For example see Ben Hawkes on this list…
My read of the announcement is that they are now hiring vulnerability researchers to work on arbitrary targets, the way security product companies do to staff their research labs. Starting back in the 1990s, companies like ISS and McAfee staffed teams of bugfinders to comb through high-profile software for vulnerabilities, and kept score with advisories (and with IDS/IPS signatures and scanner checks for those bugs,…
I guess that'd have the same net result though since it's much more feasible to hire for if it's been formalized.