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They completely screwed that up. Some of us never joined StalkerBook and never will. I think the real reason Google stops doing things is because they can't make bazillions doing it. Billions are just not enough for them. Greedy, greedy, greedy.
I think the reason they drop these things is that the project leaders move on and one one wants to take that job anymore. If there is no one to push it, no one cares and it gets axed. The person that setup Google+ probably wasn't around after it launched, so momentum was just completely lost.
Calling them greedy gives them more credit than the apathy they had to begin with.
I remember reading somewhere that this happens because people within Google are only credited for bringing new products/projects to fruition. There's no benefit career-wise to maintaining or improving a product, so once it's up and running you pull your team away from it ASAP to start working on something new.