That is where 'reasonable' expectation of privacy comes in. It also depends on whether or not companies bury in their ToS legalese you giving up privacy rights to things they have no need for. Even so that data is private between you and that company and there are limitations on what they can do with it. Depending on their privacy policy which is why those are always important. So the question is, can companies require you to give up personal information they have no need for to use their services.
A South Park episode took this to the extreme. I think it was called human centipad. The Apple iTunes ToS buried a clause that stated you agreed to allow them to perform medical experiments on you. Steve Jobs, may he RIP, said according to the law they agreed to it when they clicked 'yes'. The moral of the story was, as Stan would say, should companies have the power to require you giving up your rights to privacy cart blanche? Or should they, if they want to do business, be forbidden to do such things unless it was strictly necessary?