If you need a workplace collaboration tool that integrates well with the entire suite of Microsoft productivity tools, Teams is what you want. Google Hangouts Chat is more specifically for video conferencing.
A more accurate comparison would be to compare Teams to Slack, and compare Hangouts Chat to Zoom. If your company is a Microsoft shop already, go with Teams. Otherwise Slack and Zoom.
The real question should be Microsoft Teams vs Slack. Hangout doesn't stand anywhere, it's not meant for collaboration; just for 1-on-1 or group chats. Even WhatsApp on Web will provide much much better functionalities (e.g Document sharing, and in-chat image viewer, basic formatting) (give you're okay with using WhatsApp for your work communications).