The whole issue is based upon the trust we have in our government. If we found out the Chinese were monitoring all of their citizens and every American citizen then we would immediately have a different view of the matter. In fact, a lack of privacy was an often cited “concern” which was frequently brought up during the cold war, and it was considered patriotic to have your private life, well, private as compared to the evil secret police which were tracking activists and trying to discredit them through dirty tactics. Obviously there’s a lot of countries I’m sure the US would actively try to supress from obtaining similar information about their citizenry as it could obviously bring up human rights violations.
But really it hinges on whether we trust our government to use the information responsibly. I for one, don’t, but I understand we’re also not living in North Korea either.