Re: Ignore the man behind the curtain, ignore the curtain.
We've already dealt with the "you've got nothing to hide, therefore you've got nothing to fear" argument here; and your post just seems to be a verbose rephrasing of that argument.
I personally think that even the IDEA of the government tracking EVERYTHING innocent people do has a chilling effect that is hard to reconcile with a functioning democracy. And there's a personal aspect too --- I'm not happy with the idea some underpaid doughnut-dwelling douchebag is wanking over my daughter's sexts with her boyfriend, even if they don't ever stalk, blackmail or affect her life in the future.
Biting the hand that feeds IT
