The downside in a nutshell: "Researchers recently tested 300 free VPN apps on Google Play and found that nearly 40 percent installed malware or malvertising on users’ machines."
"Bob" very likely doesn't know you even exist and doesn't care. The downside of VPNs is that many VPN hosting companies are even less trustworthy than "Bob" and do care who you are. An unscrupulous VPN provider can MitM your connections, harvest anything you give the VPN's app privilege to see (probably a lot), etc.
Step one of security is to understand the threat you want to defend against and make sure your defense against that is (a) adequate, (b) appropriate, and (c) not compromising you in other ways.