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.
Boy, would I like to see this.