A big problem with the data collection is how hidden and one sided it is. On here its out in the open, we say how it works and the data is available for anyone. On Facebook its hidden for users to speculate on what's being collected and only Facebook and the people they sell it to have access.
Data is very useful for making cool tools that enhance user experience and it can also be dangerous. I think the fediverse is privacy conscious enough to find the right balance.
Personally i dont think we've found it and need to do more to preserve privacy.