...Basically G can not do anything simply because what they display is not their own property...
That's not actually correct. While it's true that the websites it includes in it's search are not theirs, once they collect all the names, index it, and then use that information to create a list then that list can be copyrighted. Copyright applies to the situation in the same manner as it does for maps, encyclopedias, and other representations of collected data.
In copyright law it's a category called "derivative works" and it carries the same copyright protection as original works do.
Even public domain works are only considered public domain if taken from original sources. If a publisher publishes a public domain document and then you want to use it yourself, you actually have to go find the original source. If you just copy from the publishers book you violated a copyright. The Gutenberg Project is good example, all the works you find in the project are public domain. While Project Gutenberg actually wants you to copy from their database because it's part of their mission, they do still require you to leave the Project Gutenberg copyright in place when you distribute it.
So basically if Bing collects data from the Internet, indexes it by whatever factors it chooses and then it's results pages are the same or similar to Google's results then that's just the nature of indexing from the same sources.
On the other hand, if Bing uses results of searches on Google as a factor in it's own indexing process then they would be in violation of Google's copyrights.
Having said that I also think you're right though that there isn't much there going to be able to do about it. Microsoft has a history as a company that takes whatever it can from other companies to build it's own products until they have something complete enough to start evolving further on their own. Microsoft has never been a company of innovators, it's just really good at dominating the market share with their versions of whatever products they acquire. Apple had their lawsuit over windows, Netscape had their lawsuit over IE, and there's been many other examples of MS doing whatever they want. Regardless of the legal results, the real world results has always been nothing changes and MS market share becomes even stronger.
Google may or may not pursue a lawsuit over this situation. They'll just keep looking into it further until they decide if they have enough to use against them or not. Bing knows they're caught now so MS will adjust what it's doing to protect itself and in the end whatever happens MS will just keep on doing what it does.
Bing doesn't even have to become better than Google, it doesn't even have to become as good. All it has to do is get Average Joe to make it their default browser and they win. I think Bing has a long way to go to beat Google, but if any company has a shot it's Microsoft.