https://www.theregister.com/2023/10/23/google_ip_proxy/

Matt Green has a more corporate-political take (THREAD) on the matter, seeing it (probably correctly) as an flagrant attempt to capture IP traffic in order to replace data from cookies which fed the targeted advertising ecosystem:

This is our life now: people screaming about ever more invasive things which replace those they previously screamed about, but are far worse.