It's more of an indicator of the current level confidence in Google's leadership. You can look at that as a point-in-time snapshot of how much investors value voting rights in Google today, sure, but that doesn't mean much for Google a year from now, or for Snapchat today.

If investors lost confidence in Google's ability to execute and believed that the leadership was the root cause of this failure, then the ability to vote them out (or even simply put pressure on them) would carry a greater premium than it does today.