Just like the 20th century was the period when companies learned the consequences of industrial pollution, perhaps many companies today will minimize their legal exposure and operational expense by not hoarding unneeded personal data in the first place, and for some it will mean finding a different business model that doesn't depend on it. Human society will move onward and upward without it.
We should be focusing on better quality data and better managed data - not more! more! more! data.
"The universe is complicated and for the most part beyond your control, but your life is only as complicated as you choose it to be."