Never forget that while you may be one of the privileged now, your status will change throughout your life. If you’re lucky you will only become a more privileged individual, if not, you may wish to have a few more anonymous interactions on a regular basis.
Protecting privacy isn’t so much about not caring who knows the quantity of eggs you buy a week it’s about acknowledging history and the fickle winds of change. It’s sort of easy to believe that progressive attitudes will continue to prevail and that history tends to lead to increasing enlightenment, but there are often major backslides on issues of social norms and inclusiveness. It’s also about realizing that what you do today might not get you in trouble, but what you did last year might, even though last year no one would have thought twice about what you did.
That plan has literally never worked throughout history.
That may be an obvious intent, but I do not believe it is obvious the implementation will succeed in achieving those goals. From past experience, it rarely has.
I think it's obvious that the data would not be public domain but stored strongly secured somewhere with very limited access. There are already very strict data privacy laws in Europe and the trend is clearly towards even more strictness.
I, too, don't see any issue as long the as the laws punish misuse of private data.