I don't believe Google is monopolizing the way Microsoft was. Correct me if I'm wrong, as I was only a teenager at the time of the MS case..
But Google recognizes opportunities and adapts their own flavor/technology to them. Microsoft recognized competition and bought the technology, shut the company down and made it a paid feature for their existing platform (Windows). So making new software with them around was a sketchy situation because if it was useful, Microsoft was probably just going to buy you (and the credit) out.
Google on the other hand develops most of their technology, they have also bought out a lot of them, but for the most part they make it themselves. So really they're very different from a monopoly as you describe it, they're actually more of a boost of whatever market it is because they're contributing to the competition.
.... If you can't compete, well (not to sound like a dick, but) that's not their problem. Lots of places can compete with Google and there's plenty of markets that Google is not in. I'm a Hotmail user, I don't like GMail too much and I've been using Hotmail for years and years and years. There's one example.
As for search results, I'm right there with you. I think the way they handle CERTAIN results is completely fucking jacked. I also have my own crockpot theory regarding much of it, especially what you were talking about. Google has said that social media is their new favorite flavor recently, you can tell that with the introduction of Google+ and I'm sure most people have noticed that social triggers are very powerful in terms of SEO.
That doesn't sound all that bad. Until you think about adding in their new found love affair with brand names! I don't care who you are or what you're capable of, I'd be willing to bet that BHW's very best social marketing guru couldn't generate the social media buzz that a top brand name can.
So all that happened was basically, Google slapped JCPenney and said, "No, bitch you don't buy search positioning with paid links! You pay for it with social media campaigns." (and in real time while I'm posting this, it occurs to me, anybody seen JCP's new commercials? Why don't you have a look at their new LOGO.) JCP changed their entire marketing strategy, company image and even their logo to be one big ass social media campaign.
With that in mind, while Panda has done quite a bit to clean the bullshit off the internet.. And while there was some collateral damage... There's a lot more work to be done as far as the Google algo goes in my mind. We cannot have search results so heavily skewed by social signals and an obsession with brand names. That completely goes against Google's original gameplan of being an index of INFORMATION. Good, quality, unique information used to get the bump over a shitty product placement. Now, not so much.
edit: BTW, for such a terrible monopoly, they are not stopping you from creating your own search engine, outgrowing them and taking over their share of the market. That's always an option.