Drive doesn't have the dumb "shared and yet marked as private" superposition of user intent flags that g+ profiles do.
The technical constraints that protect data are pretty solid, and I have no concern at all about any kind of generalized breach or exposure with one of Google's core data systems like drive, docs, and Gmail. But looking at the sharing configuration for g+, it's just not intuitive what's shared and with whom, because the states seem to contradict each other.
You can have proper technical controls managing your permissions only if you can articulate what those permissions are supposed to be. And you can't just v2 the API with a better sharing model because users have already expressed their intent using the old model. You'd have to reacquire user intent, which is basically a non-starter.
So either you put up with a crap sharing model which is impossible to get right, or you delete everything and start over. It's no wonder they're killing it.