I really wish I could use stronger language though....
Personally, I'm not interested in messing around with that kind of nonsense. I don't want to engage a lawyer just to find out if I can safely run some software and in the modern world where we're dealing with things like personal data and sensitive business information (including code and clients' proprietary information used to write it) an organisation with Microsoft's recent track record on privacy isn't going to get the benefit of the doubt.
Remove it. Then champion removing it from the rest of MS’s products. If you must spy to learn your market, you should not be in that market.
I still hold onto a Sublime Text license waiting for the day MS shows it’s true purpose of making VS code free. Has this day come?
https://news.ycombinator.com/newsguidelines.html
Edit: you've been posting a ton of unsubstantive and flamebait comments, most if not all of which are on this same theme, and you've been doing it for a long time. We ban accounts that do that sort of thing, so please don't do it any more. (No, we don't care about $BigCo. We care about keeping discussion here out of the shallow-flamewar end of the pool.)
Edit 2: I just noticed https://news.ycombinator.com/item?id=28814819 - appreciated.
There's also the very detailed page on the website detailing this as well as how to see all telemetry events that are sent in real time in the output panel and even how to print out a report of all events that get sent with their classification (code --telemetry).