I only worry that, in the case that renting becomes a roundabout way of granting more oversight ability to the government, then as home ownership rates decrease, government surveillance power increases.
Sure, it's facilitated through a third party (the owner), but the extrapolated pattern seems to be: "1. Only people in group B will have fewer rights, so people in group A shouldn't worry" followed closely by "2. Sorry, you've been priced out of group A."
In the case of renting, we end up in the situation where those who have enough wealth to own their own home are afforded extra privileges of privacy.
Now to bring this back to the cloud; the cynical part of me looks towards a future of cheap, cloud-only storage devices. Or an intermediate future of devices where cloud is first party and local storage is just enough of a hassle that people don't use it. And the result is that basically everyone now has the present day equivalent of local storage scanning.
If renting de-facto grants fewer rights, then in the future where "you'll own nothing and be happy", you'll also have no rights, and all the way people will say "as a renter, what did you expect?"