"The truth is pay-walled, but lies are for free"
It's not what information is or isn't collected. It can be valuable, and great social good can come out of so-called "big data". And we can, as a society, sensibly decide what is allowable in terms of prediction and prejudice (which are essentially the same thing in this context).
The problem is utility asymmetry. Having a few for-profit corporations own and trade our data is a societal catastrophe in the making, and can only tend toward fascism.