This argument doesn't make much sense to me.
What if I said,
> If you're giving your money freely to banks, I don't understand what kind of oversight mechanism could or should protect you.
I think the crux of the issue is that if I get a car ride with Uber, I have a reasonable expectation that I am paying for the service of a car ride. There is no reasonable expectation on my part that I'm giving them money for a car ride AND ALSO giving them the information about me/my ride to use freely, regardless of what the TOS may say.
The expectation on the customer's part is that ride remain private, much like anything that goes on in the doctor's office. The reality, of course, does not match that expectation, which is why I think there should be some hypothetical oversight mechanism that manages the differences between the customer's expectation and Uber's reality.
Just because Uber has data on me doesn't mean that I have given it to them to do whatever they want with it.