It's because acompany promise is useless without actual enforced regulation which is harsh enough to actually add trust in such a contractual agreement being honoured.

This is how we have a free-market to begin with. You need enforcement and structures in place so people will actually trust any of this crap. Instead, we have the nutjob early 90's cyber libertarians thinking this will all be magically fixed with just magical freedom and the invisible hand fixing everything.

Yeah, I don't disagree, another comment touched on the distrust part. But would people trust government privacy regulation more?