Diagnosis
The app is failing to pair with the Point. This is almost always due to Bluetooth interference during the setup process or the Point not being in a factory-ready state.
How to Fix It
Factory reset the Point: press and hold its reset button for 10 seconds until it chimes and the light pulses yellow. Move your phone and the Point within 3 feet of each other, and ensure your phone's Bluetooth is on. Run the setup process again.
If That Didn't Work
The initial setup requires a strong, stable connection on your phone. Temporarily turn off mobile data on your phone to force it to use only your local WiFi during the setup process in the Google Home app.
Heads Up
Do not plug the Point into a power strip or surge protector for initial setup. Plug it directly into a wall outlet. Some strips can filter the signal enough to disrupt the low-power Bluetooth handshake.