Google/Alphabet knows quite a lot about your sentiments, what information you've seen, your relationships, who can get to you, who you can get to, your hopes and fears, your economic situation, your health conditions, assorted kompromat, your movements, etc.
Schmidt is actually from OG Internet circles where many people were aware of privacy issues, and who were vigilant against incursions.
But perhaps he had a different philosophical position. Or perhaps it was his job to downplay the risks. Or perhaps he was going to have enough money and power that he wasn't personally threatened by private info that would threaten the less-wealthy.
We might learn this year, how well Google/Alphabet protects this treasure trove of surveillance state data, when that matters most.