Intelligence agencies are. They are exempt from it and get a monopoly on data collection.
It's quite reasonable that our spy agencies which we create for spying have a monopoly on it - just as police should have a monopoly on putting people behind bars and not letting them out, IRS should have a monopoly on collecting taxes from people, and FDA has a monopoly on proclaiming which drugs are safe.
If Facebook or Google are gaining some equivalence in capabilities to what the intelligence agencies are supposed to be doing, that's a bad thing and should be stopped.