People in support of these companies running people's lives are all in favor of transparency and sharing on the Internet... until it gets turned around on them. For all it's other faults, The Circle movie captured this perfectly with one line from Tom Hanks: "We are so f###ed."
Maybe I wouldn't be so bothered by Google knowing where I am every five minutes if I could track Larry Page and Eric Schmidt in near realtime too.
1) You'll be recapitulating years of work by dedicated, paid teams to do the sort of data-brokering Google will give you for free. 2) If you want your work to be useful (because as we know, the real value of shared data is in the sharing), you'll need to convince your friends (and friends-of-friends) that your data-sharing solution---your "tracks you every five minutes, but you can see where everyone else being tracked is"---is safer and more trustworthy than Google's.
But nothing's stopping you from trying to solve (1) and (2).
I'd also caution you from describing Google's services as "free". The cost is huge, it's just not a cost you pay in dollars.