there’s the individual-level view, and the state-level view.
i, as an individual, don’t really care if China has my location data or shopping data. what are they going to do with it? they can exert soft power over me: propaganda; distort my worldview a bit.
meanwhile, if my own government has access to this same data, i suffer direct consequences. my odds of getting arrested for nonviolent crime (e.g. political activism; buying drugs online) go way up when my govt surveils me: far less so when it’s a foreign govt doing this.
it doesn’t have so much to do with individuals making foolish tradeoffs over their own interests IMO: the way espionage plays into this is as an alignment gap between individual and state interests.