You don't even have to make the argument that Apple is untrustworthy. The stronger argument is that you can't know what Apple will be like in the future, or even if they will still be independent (which seems far fetched since they're so big) or a division that deals with user data won't get sold off with the data even if it's to a respectable company, because that company may eventually sell if to a slightly less respectable company, and repeat.

The risk for PII being utilized nefariously never goes away as long as it exists, so the only same stance is to not allow it to exist in others handle if at all possible. It's the same reason you don't share your banking credentials with your friends. Sure, you might trust them, but you can't know the future, so why even expose yourself to risk you don't have to?

That is true, but the catch is that reputation is very easy to lose and very hard to gain.