Why is Apple not capitalizing on its user data?

I had a discussion today with someone who has held Apple stock long enough to make something like 14X times over its original value. He's a former Apple employee who had a fairly substantive role on the hardware side. He thinks that if Apple were to go all-out to capitalize on its user data, it would be worth 2 trillion dollars. And he thinks that the one and only reason it doesn't is because Tim Cook is too principled. I really feel differently. My sense is that a) the business of selling the user as the product is getting a bit shaky, with an early manifestation being the fact that blocking ad tracking is becoming built in to browsers. It may not be such a great place to be in the long run. b) Apple's identity is about being for the user. A big differentiator between the Mac and PC worlds is the lack of crapware on the Mac, and in the Internet world, that approach is resonant with the focus on privacy. To suddenly go in the opposite direction would create a lot of bad feeling and lose them a lot of customers; c) Making money by selling excellent hardware and services is a path that means Apple doesn't have to sell it's customers as a product to advertisers. That's a strategic, long-term differentiator which can be an advantage. And d) I didn't say this to him, but as a matter of general principle, selling your soul for money isn't usually a good idea. It's true that Google went from "Don't Be Evil" to definitely being on the dark side, but they didn't have a decades-long investment and identity built around it in the first place such as Apple does. Going to the dark side might make for quick short-term profits, but what would it do to the culture and spirit that enabled it to make such great products? Finally e) I'm not sure that they really could add as much as he thinks to their revenues by selling user data. I'm wondering what other HN'ers think: Could Apple double its value by capitalizing on its user data?