Interestingly, isn't that almost exactly what Garmin has done with their wearable ecosystem? A massive data collection people willingly agree to because of the perceived benefits.
Garmin was a long-standing well-respected consumer hardware company that started releasing a miniaturized version of the thing they were famous for: a GPS. They already had brand recognition and all the infrastructure to build quality products that people would trust.
That infrastructure and brand is extremely difficult to bootstrap.
That infrastructure and brand is extremely difficult to bootstrap.