It's not the U.S. Government you really have to worry about. It's Transnational corporations. You pass a law saying that the U.S. Government can't do the NSA firehouse drinking, it stops.
To stop a corporation you have to consider it's relationship with other companies. Can it get the same info by having a subsidiary or partner elsewhere? So then you ban it from receiving such information in the US. So it moves outside the US, and still does it.
And all the time that their vast databases are generating revenue they have a firehouse. Not of data, but of money for lobbyists, campaign contributions, think tanks, advisers to NGOs and international trade groups, and so on.
And it's not enough for you to say no, even if all the above is true. Your friends want to post a pic of you to facebook. Metadata about everyone you know is also metadata about your interactions with them.
Or heck, maybe you want to say no, but you can't. Your company says you have to friend them as part of your contract.
And I am sure that isn't all the scenarios.
Protection from corporations is where the privacy boom is going to be. Privacy will be something you have to afford. There will be free, targeted ad supported services, perhaps even locked down proprietary devices, and they will be lauded for how they help the poor get online.
Oh and once that data is out there, saying it's anonymous but being about to identify you from your browser profile or whatever, it's never going to be deleted.