This is Penn register information, that is what it's referred to as in public laws.
In aggregate it can be used to draw connections between people, such as people talking to those who are committed to doing us harm. That is what public comments on these programs have said and that is true.
But clearly telephone numbers are identifying information, unless they are hashing them prior to building their graphs, but if that is the case why not say that?
His speech also conflates "federal courts", with "FISA court", which implies review by the independent judicial branch.