I work on Big Data for a living and know how inept companies are at actually doing anything useful with personal data. The data being generated is massive and the vast amount of it is random and useless.
My reason for reducing my social media presence is the Like count next to every thought expressed. By adding a publicly visible number next to every expressed human thought, you influence behavior and thinking.
This has all kinds of consequences that tech corps and society are waking up to - ledger.humanetech.com
That is why I have consciously reduced my social media usage.
Your anecdotal experience isn't evidence businesses aren't doing anything with data collection which would be worrying to consumers or that privacy concerns are overrated. And yes, this is what that paragraph of yours is implying.
If your company didn't have a strategy for analytics, it doesn't mean others do not either. The mere fact that users get used to that practice is already a win to those who wish to take advantage of that information.
Not to mention that the greatest threat comes from sharing and connecting those databases, so what may have been random and useless may find significance when sold to other aggregators.
After working in a fin-tech for a while, I realized how greedy these companies are for data, and how useless they render it. I was amazed by the scarcity of talent and overwhelming amount of routine job I encountered and lack of diversity of projects and space for free thinking.
Anyway, I got rid of FB/Insta years ago(4-5 maybe), and recently I also closed LinkedIn acc. as well, I have low tolerance to BS and self-glorified business gurus. I'd rather do something meaningful in my everyday life)))
I can't say if it's a content problem associated to the normalization of social apps as a whole (probably a bit) or the changing of the LI algo to push this stuff to the top (probably also attributable), but it's certainly diminished my general experience.
That said, LinkedIn is still very useful for recruiting and being recruited insofar as it is a widely-used database for professional information. I just don't recommend using it casually.
Not as much of a concern here, but nefarious governments around the world are quite good at doing awful things with this data as well.