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If your data is used for profit, you and your data is what the company sells to other people. By definition you are the product.The reason this is naive and oversimplified is that, say, Google, does not sell your data. Your data is their competitive advantage and they have every reason to not sell it. There is no service Google provides where someone can go in and request your data or access it.
Advertisers are generally not buying you, or your data, they are buying access to your attention based on the data a third party has about you, but not the data itself.
Selling your information is a different business model (think insurance, credit reports, LexisNexis and so on) and is usually not what's under discussion when this thought-terminating cliché gets used.