How does this address the privacy concerns? OpenAI could still accidentally provide your data to other users, they could retain, sell or misuse it despite agreeing not to, or a rogue employee or an intruder could do so, or they could be forced to do so by a court order, etc.
There are privacy concerns with using ChatGPT, as data is collected by openai - opt out. Using the API has less privacy concerns as it is not used for training by openai.