Data is not more valuable than oil, unless you intend to start running a blackmail operation.
Most of the data collected by silicon valley companies is completely irrelevant to their or anyone else's business needs. It's just creepy. Kind of like the people who build such systems.
What you are calling blackmail here has been deemed legit for government agencies to do. Also countless instances of private companies misusing data have established a sense of acceptance in minds of people who no longer have will/energy left to fight it.
Most of the data collected by silicon valley companies is completely irrelevant to their or anyone else's business needs. It's just creepy. Kind of like the people who build such systems.