I really hope this approach is one adopted in the rest of the industry, because it would very easily allow for a transactional-privacy system to be implemented:

I really hope this approach is one adopted in the rest of the industry, because it would very easily allow for a transactional-privacy system to be implemented: users set a limit on who can access what data, for how long, for what purpose, etc and advertisers/tech companies still have the opportunity to gather data whilst not completely obliterating users privacy. Both parties get what they want, and nobody loses out. Win win.