Forget fussy debates about morality.
There is a practical threat to society when a few nation-sized corporations operate pipelines of data collection and profile aggregation on every online citizen of the world.
Those profiles represent a massive amount of power, and that power is being let to accumulate in opaque organizations that have no explicit commitment to public benefit and extremely little accountability. That power is not yet being weaponized, but it doesn’t evaporate just because nobody’s using it for leverage or control yet.
The responsible, long-term, practical way to ensure that legitimate governments and the people that constitute them continue to have the power to shape their own society is to make sure that these techniques for accumulating power are dismantled and the already-accumulated power is dissipated.
Yes, we will lose some novelties and baubles in our online life when they can’t track you anymore. Yes, investing new power into government so that it can counter corporate profile-accumulation is dangerous as well.
But the greater danger of inaction against these corporations is that they are already only lightly-accountable and are on the verge of escape from accountability forever if they gain enough power. Modern governments, meanwhile, are comparatively slow and dumb and can still be steered as their dangers become manifest.