Cloud Endpoints is the most suitable service for HipLocal's public APIs because it aligns with their need for API management, including monitoring, authentication, and logging. It supports serverless architectures and is a Google-recommended practice for managing APIs. While Cloud Functions could be used for serverless execution of API logic, it does not provide the comprehensive API management features that Cloud Endpoints does. Cloud Armor and Shielded Virtual Machines are more focused on security aspects and do not meet the API management and serverless scaling requirements as directly as Cloud Endpoints.