"it makes a lot of sense to regulate that"
Yes, it makes a lot of sense to be the first to draft legislation that will ensure that you can spy on people's lives and derive profit from that invasion of privacy without being bothered by pesky law enforcement rules. So you want to set the rules in your favor.
The root of all the issues the US has is the ability for companies to influence law. That should really be nerfed after the next revolution.