That alone is enough to illustrate the situation. If you must have a cherry on top, worldwide derivatives are likely in excess of 1 quadrillion dollars.
Yes. The telecoms are government regulated, and they suck. Now the internet can be regulated likewise, and start to suck. Any time the government offers something, it expects much in return.
I'd rather have Google, et al, provide a market solution to this, by aggressively expanding Fiber without regulation, and laying down a secondary network to compete with Comcast/Time Warner. As it stands this is starting to look more and more like an attempt to maintain power for the traditional shitty telecoms, while also taking a slice out of Google's pie.
Profiling and tracking techniques will continue to develop in accordance with the demands of the market. Consumers will gleefully move toward more data collection. This will not be resolved via legislation, and in fact may underscore the historical fact that our "right to privacy" only mattered when we were insignificant. Give people the power of computers and they are now a threat that requires being targeted and monitored.
If anything, legislation will continue to increase the costs of remaining private. They will continue to slice away at the onion of freedom, and so long as most people have neat apps and devices, this will be sufficient, at least for a while, and by then it will be too late.
Privacy absolutely matters, but we cannot count on the beneficence of legislators and corporations to bestow it on us.