I wouldn't underestimate it. I also wouldn't buy into the "I have nothing to hide" narrative. It's not about hiding or not hiding. The fallout from the Dobbs decision is a great example of why, if you aren't concerned with privacy now, then you will be in the future. All of a sudden, the right of 51% of the population to make decisions about their own bodies was suddenly gone, and handed over to state governments. The day before that decision, people needing abortions and the doctors who provide them had "nothing to hide." The day after? They're suddenly criminals. Their social media can be monitored. Their online and in-person purchases. Where they travel and why. Their medical records. And maybe worst of all, their fellow Americans are offered prize money if they turn someone in so that they can be charged in criminal court.

Or what about Florida's "risk prediction" software that supposedly can predict which "at-risk" (aka non-white) kids will become criminals? Maybe I'm wrong for finding that unsettling. This is from 2015

https://theweek.com/articles/495147/floridas-minority-report-crime-prediction-software

What about social credit scores? Which we already have, we just don't get to see them (LexisNexis "risk solution" software). But sooner rather than later, every word and action will be recorded and held against us in every aspect of our lives, rather than just when applying for jobs and mortgages. And anti-discrimination laws don't do shit. They always find a work around. Although with the current supreme court I'm sure all forms of discrimination will be perfectly legal soon enough.

Btw private browsing doesn't prevent tracking. It just doesn't store anything in the broswer history.