This only considers the current state of 3rd parties, governments, and laws. The gigantic issue with all this is that everything is stored indefinitely. Also, laws and governments change. What's to stop you from suffering tomorrow for seemingly innocuous actions you performed today? And I'm not just talking about getting prosecuted for some specific crime. This data is used as a means of proactive prosecution and profiling. This means that the powers that be are actively looking for signals in the noise that indicate crime(and most likely just things they don't agree with, illegal or not). If the profile created off your various seemingly innocent actions and "meta-data" over the course of many years puts you within the error bars, you could become a false positive. With secret courts, secret prisons, and indefinite detention all possible, what's to stop you from simply disappearing? Or, at the vary least, what's to stop all of this from ruining your life even if you are never convicted of anything(e.g. months of detention and interrogation without prosecution, inability to travel, holds placed on bank accounts, calls to employer, etc...)?

That said, the focus shouldn't be on the companies that collect this data. They are simply doing the best they can to make a profit within the bounds of the law. No, the issue is government. There should be strict laws regulating how data is collected and stored(even non "PII") and even stricter laws around how 3rd parties are allowed to consume, store, and use this data, especially governments. But alas, this is asking the police to police themselves, so I guess this will never happen.