Hindering the kind of innovation that violates the citizen's privacy is pretty much the point of the law. A company having a database of my mental health status is incredibly creepy to me. As is the facial recognition thing.
Sure in the best case you can do a lot of good with such data. But that would probably need the data to be open to researchers, not in some corporate silo somewhere.
And in the worst case, pervasive surveillance data can do a lot of harm. Just ask yourself what an organization like the Stasi could have done with that kind of data.