What a load of crap
its potential to support Wi-Fi-first and Wi-Fi-only models that reduce the importance of cellular networks and spectrum
The reason for spectrum is because you need to be able to manage it in order to provide any kind of reliable service. While you can use WiFi in isolated areas, it's impossible to do so anywhere with reasonable population density as you need to do in order provide QoS on phone calls. This is why companies still pay as much as they do for spectrum. Iliad may indeed make extensive use of WiFi but the main key to its success has been the rigorous unbundling of connections in France, something that isn't on the cards for the US.
And how you do manage the WiFi networks? Cellular networks are as much about managing users as they are about spectrum. Obviously not a problem for Faultline which has already mapped out how this can be done…
It's certainly possible that Google might, very much like Softbank in the past, get into the network business. Not sure if it would bother with a single national carrier, though. Buying the mobile part of Deutsche Telekom might be more interesting. It could certainly afford to do so. There might be regulation national security concerns but the biggest issue would probably having to do deal with lots of employees.