Some legislation would definitely help. I sat down with an Member of Parliament discussing an issue closely related to this. I was left with the impression that nothing will happen in this area for a decade or more. If lobbying happened, there might be some progress, I felt, but Big Data will continue to do what they want for years to come.
I think you underestimate the potential for harm from data harvesting. Already, by combining data points from several sources, companies are able to make predictions about your behaviour more accurately than somebody that has lived with you 20 years! (If you have even lived 20 years.)
Gaming starts young, and if it hasn't happened already, it soon will be the case that games are deliberately engineered to intelligence and personality test the (unwitting) "players" and use telemetry to send results back to the Harvesters, who would flog it (and you) to the highest bidder.
The choices made in games and regarding games could all be used against us in the technological dystopia into which we are walking.
I hope that Larian are conscious of this issue and do what can be achieved to be a light in this future nightmare world.