It appears that way but to be honest, It's just a phase. It'll go away.
Whether we accept it or not, Google dominates the internet and it will continue to do so for the next 50 years. The reason for Google's bad image right now is over hiring, repeated layoffs and an irresistible need to please their investors.
But, this will settle down eventually. People still like to carry the tag that they've worked at Google. Also, Google is still an attractive employer for freshers.
The FAANG prestige may soon fade away. But Google as a company will continue to attract top talents anyways.