That sounds like privacy

Oh boy you are naive if you think that's the result of no regulation.
The real result will be monetization, using and selling the info to everyone who wants to buy including governments.
If you care about your data, keep it on servers in EU or Switzerland, it may not be perfect, but the protection is more crucial than the risks under their protective laws.
USA is a cesspool, and the worst of both. The only difference from space being that the government can take the info without paying.