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I think "inexplicably" is not the right word here: Google Code is not making money (search), is not a strategic investment (Android) and is not breaking new ground (self-driving cars). The only reason to keep it around would be loyalty to its users, but that doesn't seem to be high on their list of priorities.

Relying on the continued availability of a third party service is a risk, no matter whether the service provider is a startup (see Our Incredible Journey) or a large established company like Google. At least in the case of project hosting, it is relatively easy to migrate to a different service, which is not always the case when other services or APIs get shut down.