No, it means that the NSA can, and has, collected data on just about anyone. What they do with it, my guess is not much unless there is an actual national security threat, is still up for question.
“Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron’s cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.”
— C.S. Lewis
I am not saying every powerful person can be blackmailed, threatened, or have career-ruining secrets, but even if you have the power to control the actions of 1% of those people, that's a pretty significant power.