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Personally I think that this is a great buy for google as they needed more than app maker and google sheets
With the share of the online spreadsheet market google has, I think they should not be allowed to buy any startup in this market.
It’s not a spreadsheet, it’s a mobile app builder that can use a spreadsheet to access data.
I’m really excited about the idea of the building applications being available to more people and I think that in theory there’s definitely a class of application that should not require extensive or even very much programming knowledge at all.

That said, I have not personally found many examples of “paint by numbers” built apps that look and feel great. I’d love to see some examples of anybody knows of a good applications that were made WYSIWYG style.

Something like a distributed version of Access could work pretty well for a lot of use cases.
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Watching appsheet's video demo, really impressive.
Good competition for webflow?
My hypothesis: this acquisition is a response to Microsoft's Power Apps. If the hypothesis is true, then Google should soon acquire either IFTTT or Zapier to match Microsoft's Power Automate (previously know as MS Flow).