If they were really concerned about my privacy, they would ban creating cross-product profiles for advertizing purposes. I don't care at all that some CDN gets my IP, or that some website uses cookies to count users.
Also I don't care if somebody stores my data on Google Docs or Office365. If Google or MS go rouge and employees there so shenenigans with my data, we have bigger problems. They control the OS anyway. It makes more sense to regulate the "happy path" assuming they are law abiding, and just say you can't do targeted ads for European users.