One's Wikipedia browsing history is very revealing. For instance people often use Wikipedia to learn about diseases they (or loved ones) have or are concerned they have. One should be able to research such diseases without revealing to advertisers or insurance companies the association between the user and the disease. The amount that can be garnered about an individual from their Wikipedia search history is kind of unbelievable. You can figure out things such as a person's interests, to some degree various aspects of their intelligence, some things about their medical history, if they are pregnant, their religious and political affiliations, if they may be suicidal, if they have surgery coming up, where they live and how old they are, what sort of pastimes they have, the list goes on and on. You can't figure out all of these things about all people, but the tracking has the potential to be very dangerous.
The most common way in which this data is used is targeted advertising, which probably doesn't concern you. Historically this type of data has also been used for price discrimination (which you may care about) and this data has the potential to be used in much more nefarious ways.
Even if we could somehow ensure the data would only be used in acceptable ways, the fact that the tracking goes on without most people's knowledge or approval seems unethical to me, and would be particularly troublesome on an encyclopedia of everything.