Unless you put a ring camera in your house, the video is of the street and your front porch. In my neighborhood, everyone has the doorbell and not much more.
Even that is a huge issue to me. If an attacker can compromise one camera system, they can track movement of anyone the camera can see, so they can figure out when people are likely to be away. If the service is unencrypted, this can be done by compromising the server or even a single WiFi hotspot, which makes this product a huge liability for everyone that the camera can see.
Why should we go through the risk? Just encrypting everything on the client makes the system way more robust, and features can be rolled out to a device that does local processing. I don't own any big home automation systems because I don't trust them, so as soon as a company builds something privacy centric, they will get my money.
I’ve been in most of my neighbor’s houses, or talked to them about their systems. One of my neighbors has an additional camera, on the outside. Most people have a doorbell cam and some window/door sensors.
Why should we go through the risk? Just encrypting everything on the client makes the system way more robust, and features can be rolled out to a device that does local processing. I don't own any big home automation systems because I don't trust them, so as soon as a company builds something privacy centric, they will get my money.