Have you considered that maybe the computation itself on the private data, no matter how you put it, even if encrypted, was designed to protect the consumer?

I.E., gaining any sort of insight a transaction of protected information is what the protections were in place for.

So is FHE more about skirting regulations and privacy laws? Or, is it a new frontier of an untapped data source that has some red tape around it?

To me, something was simply not encrypted properly if you are able to draw conclusions/learn insights/detect anything about the data. It's in conflict with the idea of what secure encryption means to me.