Urgh.
The part about all that data being in control of powerful corporations, though... that's what makes me thing that I'd prefer it to fail as well.
I wish we could have this sort of tech outside of the framework of modern capitalism.
Edit: I note that someone else is in the thread already saying "It's going to be awesome for amateur porn" without any caveats about the rampant consent issues of amateur pornography, revenge porn or age verification.
Less about the panopticon of surveillance, but about the ramifications of having perfect memory in your daily personal interactions.
Amateur pornography already has huge issues with consent and age verification, and is also more and more being weaponised against women as revenge pornography.