I'm pretty sure that is exactly the point Microsoft are making with this campaign.
They are using the fact you can't opt out of a "feature" as an excuse to opt out of a "product".
They are leveraging peoples perception of 'Privacy' to do that.
Really do you think buying an Audi will mean you can kiss the girl at Prom? Or by wearing Calvin Klein you'll look amazing from every angle? ... No, Ads lie all the time... Chrome isn't technically "Faster" but they still run ads that say as much...
Or are you trolling?
"If you don't want gmail splashing ads all over your messages, switch to outlook."
No need to be a jerk about it and accuse me of trolling.
The vehicle is not, though. There is no issue of privacy. They might as well have said "Gmail kills babies, switch to outlook", it's exactly as true (which is, to say, not at all).
That's far different than spam, where the messages are profiled, not the people exchanging them.
It's not a breach of your privacy any more than spam filters reading your email is.