>So when a search is done, our IP address is send to Bing.
Explain why you believe that's a negative? If you use Bing normally they would know your IP as well
>user agent string
Again, using bing normally will allow them to see this information
>search term
Obviously required to be sent to bing
>some settings like your country and language setting
Again, this is information that would be available to Bing if you use their service normally