I suspect Google might be a better "fit", if they were looking for suitors. Tucows already appears to power the privacy service of Google Domains, so they already appear to be working together a little bit on domains.
The Ting Fiber internet ISP could be merged with Google Fiber. Wavelo could be merged with Google Fi. The Tucows surname domains portfolio could be used to give customers more choices with Gmail, making things stickier, or enhancing revenues. Tucows' debt load wouldn't be an issue, as Google has lots of cash. Tucows customers using ExactHosting.com, or their email service can be migrated to Google Cloud and Google Workspace. Tucows is well known for its excellent customer support, which is Google's weakness, so Tucows could greatly enhance things for Google. Google has a domain name registry platform, and Tucows is working on that too, so those can be merged. Tucows employees are probably cheaper (as many are in Canada) than US ones at Google.
A firm like Shopify might only want the domain part, same for other domain name industry players. But, Google could likely find some value in every part of the business.
I suspect Google might be a better "fit", if they were looking for suitors. Tucows already appears to power the privacy service of Google Domains, so they already appear to be working together a little bit on domains.