Pre-OIS Google did this with image stacking which was a ghetto version of a long exposure (stacking many short exposure photos, correcting the offsets via the gyro, was necessary to compensate for inevitable camera shake). There is nothing new or novel about image stacking or long exposures.
What are they doing here? Most likely it's simply enabling OIS and enabling longer exposures than normal (note the smooth motion blur of moving objects, which is nothing more than a long exposure), and then doing noise removal. There are zero camera makers who are flipping their desks over this. It is usually a "pro" hidden feature because in the real world subjects move during long exposure and shooters are just unhappy with the result.
The contrived hype around the Pixel's "computational photography" (which seems more incredible in theory than in the actual world) has reached an absurd level, and the astroturfing is just absurd.