What obfuscation mainly does is remove the PII that neither side wants to handle before the data gets transferred over so the data is "safe" and the receiver of the data no longer has the burden of stewardship over PII.
Contrary to a lot of handwringing on the internet, almost everyone that handles your data couldn't care less about you as a person. Their overwhelming interest in you is as a bag of attributes that they can statistically correlate with other bags of attributes. It's a relief for them if they can scrub all the PII from their databases while retaining all of the other bag of attribute qualities that they care about. Of course, the few entities that do care about deanonymization are the ones that make this entire process so difficult.