Google's managed Kubernetes service, GKE, can be challenging to manage costs effectively. Understanding GKE pricing models such as pay-as-you-go, committed use discounts, sustained use discounts, and spot virtual machines is crucial for cost optimization. Additionally, selecting the right VM type and size, using Spot VMs, taking advantage of autoscaling, and employing automation tools can significantly reduce GKE costs. Automated virtual machine selection and rightsizing, autoscaling computing resources, and Spot VM automation are key features to look for in cost optimization solutions.