It doesn't address the biggest privacy concern: the government's collection and use of personal data. No restrictions there, I guess.
Information wants to be free - even when it's about you. Putting that genie back in the bottle - the right to be forgotten - creates a world that is less free.
We should be really going the other direction and not allowing these corporations to hold this data in private silos to re-enforce their monopolies. They use the force of law to hold these monopolies over the things you've written so that it's their property and not the property of the individual. That's wrong and that's granted by the government.