Except they don't, they sell access to targeting based on that data. Google's entire valuation is based on the data they have on users, if others could come in and scoop it up, they would have an instant competitor. I think calling it 'privacy' is the wrong word - Google takes data security and access control seriously, and only Legal and a dozen engineers can actually access data (and even then, it'd be logged and looked into if it was out of the ordinary).
https://static.googleusercontent.com/media/gsuite.google.com...
Yes, Google goes to immense lengths to protect user data in all its forms. That is security.
Privacy is orthogonal, and Google is well aware of the difference and how they complement each other.
You are completely wrong about Google's treatment of privacy.
There are plenty of companies that say they take privacy seriously. There are a handful that actually do. But smaller still is the number of those that have actually built what it takes to deliver on those promises, or re-engineered massive systems to deliver on privacy and transparency promises.
I suggest you look at any of Google's public privacy statements. There's no need to read between the lines.