FUD, completely groundless and these so called journalists are benefitting from classic link bait and everyone fell for it.
What about when Matt Cutts calls time on his career with Google? Will everyone say they are going to close down search?
Vic Gundotra was the "face" of Google+ and the guy who created I/O. The guy replacing him was one of the founding team and he looks like he has the skills to take things forward.
It was never, and will never be a Facebook or Twitter lookalike/wannabe.
The likelihood it has hit the tipping point and a lot of the people who got it to where it is can now be redeployed into other areas of the business that needs it. The community managers are not needed as it's a self-policing environment.
There are plenty enough evangelists not on the payroll for Google not to need to fund things.
I'm actually loving where they have got it, without bowing to pressure for things like a write API. That was a big negative when people could regurgitate the same crap on the fly via third party tools.
They have not got ads on the platform, and likely never will, they don't need to. Post Ads have just been made available to everyone with over 1000 followers and that takes Google+ outside of the platform and in to the GDN which I think is smart, as long as the advertisers realise it is not a direct response mechanism. Seeing examples from Toyota etc. won't help most people build their brand awareness and engagement.
Techcrunch should be ashamed they got reporters who know nothing about how the ecosystem at Google+ works to wax lyrical about why it was going to close because one guy decides to leave because of a life-event that made him take stock and he is likely to appear heading up somewhere like eBay or AOL or somewhere that needs him (Yahoo as Marissa Meyer no. 2?)
Once we know what he is going to do, we can see what the backdrop behind his decision was.