Well, that's pretty much my problem. The only reasons I can think of would pretty much be the two you've already listed (and explicitly said it's not equivalent for those purposes).

This isn't some gotcha thing, I'm trying to understand these concerns better, because I really don't. I'm not asking for "counter-examples" to anything, I'm just asking for examples. It's not an odd question.

Ah, ok, apologies; I didn't realise those two items I listed were your only reasons.

The main reasons people are concerned for privacy, I would say, are around influence and personal autonomy. There are plenty of people (many of them on HN, I've read many comments here to this effect), who want to cede decision-making about their own consumption to service-providers. There is an attractive convenience to this. Privacy advocates are typically not these people, and are concerned not just for their own individual autonomy, but also often motivated by broader societal concerns like those discussed by Pariser (obviously a hot topic right now w.r.t. Trump and Putin), as well as less-political aspects of selective exposure theory around societal trends.