I read another article talking about what waymo was working on and this looks oddly similar... My understanding is that the goal is to use this to reconstruct 3d models of street view images in real time.
Haha, too bad the Earth VR team was disbanded because that would be the Holy Grail. If someone can get the budget to work on that I'd be tempted to come back to Google just to help get it done! It's what I always wanted when I was building the first Earth VR demo...