And without DNS pointing google.com to that IP address, it's pretty useless.
If they were issued for IP addresses they would have to reissue the certificate every time they spun up a new server. Also it's why if you spin up another server and make DNS point google.com to that server, it would not pass verification since the certificate you will be using on that server is not issued to *.google.com, but rather some other domain you own. The IP address plays no role in certificates.
The Subject field is not consulted so long as the SAN field is present, and can in theory be any X.500 Distinguished Name, of which Common Name is one possible attribute, which may be any freeform string of a limited length (though it is typically set to the primary domain the cert is issued for, for easy identification).
The "blast radius" is limited to Microsoft since they are the only ones that trust this particular certificate authority. Your non-Microsoft browser won't trust these certs. Your non-Microsoft OS, Java program, etc. etc. won't trust these certs.
But even before they switched to this "Chrome Root Program", they have distrusted specific CAs, for example Symantec in 2017. https://security.googleblog.com/2017/09/chromes-plan-to-dist...