It always has for me, and not in tiny-font or legal language either:
"To help you through your day, Google needs to: Use and store your location for traffic alerts, directions, and more. User your synced calendars, Gmail, Chrome, and Google data for reminders and other suggestions."
This topic does come up a lot here, and yet this is as direct and concise a way to put it as I can imagine. I wonder what those who have been surprised by the services they have opted into would suggest to improve their understanding of what they are potentially agreeing to?