> Companies already have huge volumes of data on consumers even if gathering was to be shut down now.

This is a thing that I keep telling people that no one seems to realize. If by some miracle all of the surveillance stopped now, the data already collected would still be effective for some future bad actor to use 10-20 years from now. I don't think that most companies would keep the data for that long, or many for even very long after some theoretical regulation, but they would certainly sell it to someone who would, and the NSA will be interested in copies of what it doesn't have.

If, 20 years from now, in a new town with new friends and a new job, living under a new government, it becomes important that people don't know you are gay, you're out of luck.