"Hi, Qualcomm, this is Rick Osterloh from Google. How much money would we need to invest for you to release a smartwatch processor that isn't garbage?" "Hey Rick. We'd need about $$$$." "Great, I work for a trillion-dollar company."
Which is to say, Google has the money and power to literally make what it wants happen, if it isn't happening, it's not reasonable or logical to blame another party. It is fundamentally a lack of commitment by Google to support their product line.