We don't need regulation here, urgently or not. This whole push towards banning things --- this company, the EU facial recognition thing, and so on --- strikes me as just another moral panic used as an excuse for a few to impose their opinions and power on the many.
I've yet to see privacy advocates identify actual undeserved harms that have come to people as a result of the technology that they want to regulate. Loss of "privacy" in public is only a harm if you already accept the premise of the argument, which I don't.