They can't put you in jail, but they will often happily sell your data to the government so that they can put you in jail [1], and by holding the data they are now open to subpoenas anyway.

Additionally, making surveillance by corporations the norm they've eroded everybody's reasonable expectation of privacy, which is the standard by which U.S. courts judge if surveillance has gone too far. Now that we're all used to this level of corporate surveillance we won't blink when the government does it too.

IOW if corporations weren't hoarding this data governments would have a much harder time securing it.

[1] https://www.nbcnews.com/tech/security/us-government-buys-dat...