I can think of a number of top tier companies, 3dfx for example, who were the absolute unquestioned masters of their market but who got wiped out because they didn't take their competition seriously and let their product stagnate.
Google almost certainly isn't running around in a panic over Bing, to wipe them out now would take a product which is measurably better in some important way(speed, ease of use, quality of results, etc) for anyone to even come close to toppling them. At the same time they'd be idiots to ignore new competition, inspiring the dominant market players to expend resources improving their products is one of the most common benefits of increased competition.
Google are just being sensible. Bing may be nothing in fact it almost certainly will be, but it may be something. Even if it only grabs 1% market share, if it grabs that share from google they lose money.
Only stupid companies blindly assume that their competition will fail and their dominance cannot be challenged, and Google are anything but a stupid company.
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