If they were smart about how transparent a business needed to be, I don't think it would be toothless at all. It would have given users more information about what is happening behind the scenes and allowed them to make their own decisions.
> So that users can opt-out of having unnecessary data collected. You should only be collecting the data needed to run the service. If your business collapses when users opt-out, your business model was nothing but data harvesting to begin with, and probably doesn't deserve to exist.
This is a really rosy view of things. The reality is that there are tons of apps / games / sites that people use and enjoy but would not pay for. And there are people who could not otherwise afford to pay for them but are able to enjoy them because personalized ads can be used as a form of payment. I would argue most of these things make the world a better place not a worse place. And that people should be able to choose how they want to pay for those services.