I agree with you. And the effectiveness of the criteria Google uses to screen & interview candidates is highly debatable, at best.
One of their recruiters once contacted me (because I went to a 'top university') but decided it would be a 'waste of time' because I hadn't done any Java or C++ recently. It used to be that Google was interviewing for knowledge of the fundamentals unlike most other 'business-oriented' companies that want specific recent skills.
Nowadays it seems that they've got the 'worst' of both worlds - I heard they interview for very hard-core graph programming algorithms, and at the same time they want recent experience with Java or C++. So basically if you've recently only done Lisp/Smalltalk/etc or even Python, you don't qualify. Where is the logic in that?
On top of that, my impression was that the salary levels of their employees were fairly astronomical, on par with the ones paid by banks/hedge funds, but that definitely doesn't seem to be the case.