Google are after a Co for the data slurping potential
Yes. Google's business model is basically advertising plus "O hai, we see you collect data. We would like that data".
Then after a few years, when the data is no longer contributing sufficient information, they'll kill the product off.
In this case, personally, I don't care; I've never owned and never will own a "fitness tracker", as I find instrumentality of that sort obnoxious. But Google's general data-slurping behavior is annoying.