All true except that you are greatly underestimating the risk of private companies collecting data that ends up affecting your life.

Start by thinking of FICO scores or credit histories. Similar concepts can be applied to eligibility for all kinds of 'privately' provided parts of society - job screenings, auto insurance.

Imagine vacation rentals where the owner can screen people out based on political affiliation... the are any number of ways in which private institutions can quietly 'hurt your life' using all this personal data.