This isn't going to defend content that threatens the "national security", age of consent, and copyright laws of the States. So isn't it just a declaration that Google wants to be the imperialist content police of the internet, spun under a more benevolent-seeming light?
Does Techcrunch have any history of not making ad-rich content? If they were focused picking winners they would be failing their fiduciary obligations as a news publisher.
But that's logically irrelevant. I still wonder whether common valley wisdom (as personified by TechCrunch) is a predictor of future success (of the uniquely valley-centric YCombinator program.)