I guess there's two things going on here. Firstly, whether the company takes the data with your full knowledge and consent. Secondly, whether they use it in a transparent (or at least ethical) manner.
For the first of these, I quite like how on Android now the user has great control over what data is made available to which apps. The app needs to explicitly request access to camera, location, files etc... . You can toggle this on or off at will, and specify that it can only read the data while the app is active. I can imagine having regulation which enforces this type of privacy control for all tech service providers.
The second is much harder, because it's difficult to know what the company is doing behind closed doors. However we can at least check telemetry and demand that it is minimal and anonymised where appropriate. We can also apply much harsher penalties to companies that flout the rules.
Of course, all of this relies on government that acts in the genuine interest of its people and without hands in industry back pockets. We can but hope.