I really hope this happens, and that the Usual Suspects are forced into being more open and honest about what they have on you and what they use it for. If it does happen then it'll be the thin end of the wedge, and other States/Countries will be able to say that they want what California are getting.
It won't destroy their business model cos so many will not care, but those of us that do will be able to go to the Usual Suspects every few months and tell them to delete everything that they have on us.