Yes. I'm working under the assumption (which may or may not be correct) that an official legal contract (and not just a privacy policy which may be enforceable as a contract depending on locale) would both require more formal acceptance (i.e. typing in your name and the date for a digital signature and a note that it's illegal to sign if you are not that person instead of just a click on a button saying "I accept"), and provide a much easier time for any individual wishing to pursue legal action against an entity that violated it (which should keep most of those violations at bay).

In other words, I see privacy policies as new, unstandardized, not taken very seriously by many companies, and possibly useless in some jurisdictions. That may or may not be accurate, as I have no legal experience.