"If you've done nothing wrong, you have nothing to hide" is the lie of the authoritarian. It is naive to think that a bad actor cannot construct a falsehood with a collection of truths.
I have worked on court cases for both individuals and (small) businesses that were innocent, but pissed off the wrong government agency, and got pushed/intimidated into pleading guilty.
Judges are flawed human beings who rule against innocent people and companies ALL THE TIME because court cases are a flurry of biased witness accounts and misleading/incomplete/subjective evidence. Folks in HN should appreciate this most because as I work in IT forensics, the judges appreciation for the technology details of cases is usually very low and they make mistakes. Defense attorneys know that and so they encourage innocent people to strike plead (guilty) deal, even when they have good evidence of their innocence because literally anything can happen in a court room. Prosecutions also know this, and so they throw absolutely everything they can think of in front of the judge, from hearsay to irrelevant data points to try to influence the judge's overall impression of the defendant so the judge will get frustrated with the complex details and rule on other subjective evidence. It's really an eye-opening experience to see people getting railroaded in court.
Few appreciate it until it happens to them, and they are presented with a subset of facts and hearsay that the prosecution has architected to paint a misleading picture in front of the court.
That is just the unfortunate reality of the world. Protecting your own or your company's privacy is the prudent way to behave even when you are completely innocent.