We saw this with app tracking (just yesterday I saw "we want to keep this app free for you" alert encoruaging me to click "allow" instead of ask app not to track.)
This is already how photos works and its long time that contacts followed suit. Hopefully it leads to people being more aware of the data they are sharing but I guarantee that apps are going to throw up scary screens to encourage you to allow all.
IF this feature is somehow the thing that is blocking you from making a company, your company doesn't deserve to exist. And I apply that to the social media companies that already exist thanks to being able to mine this data before.