That's a bit of an oversimplification that makes this sound more concerning than it is. Not that it's 100% un-concerning, but I suggest that anyone concerned about this read the linked docs. It really was designed to be quite privacy preserving, though it's obviously a difficult challenge in this context.
Keeping the name out of that data does a lot for privacy. With a name in there, you could use the data to find my name and figure out my address. Without the name in there, you don't know which point I even am without knowing some of my locations from another source.
The contact tracing APIs very deliberately avoided GPS for exactly the reason you mention.
The face alone that if you spend 10 minutes within someone's proximity will get flagged is 100% concerning. Of course they keys will only be handed to government health officials, but we all know what that means.
You will need to turn off your Bluetooth if you want to stop advertising a rotating random number.
The only difference with the contact tracing is that a key, on the device, can correlate the ciphertext. I have it off because the utility was never demonstrated.