As a user and not as a government agent, why should I care? If anything, having a foreign government hoard my data and spy on me is better than the government that actually has jurisdiction over me. If I were posting things critical of my own government I would rather have a foreign government hoard that data than my own government. There's a lot more of a chance that US data hoarding leads to action against US citizens than Chinese data hoarding.
I don't see how this benefits average Americans in any way. This helps the government and corporations.