I dunno, it's not quite that black and white. If I send someone (say) a poem I wrote, even if unsolicited, I retain the copyright and the moral rights in that poem. The recipient doesn't get carte blanche to reproduce it just because I sent it to them.

So, by the same token, does Google have the rights to profile people even if they haven't consented to that? One answer, as with copyright, is to see what the law says; and it's very possible that the law says no, especially in the EU. (I've not researched it; others will doubtless know much more than I do.)

Or Google could just seek to do the right thing and not profile people unless they've opted in. But my definition of the right thing may well be different to theirs.