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It would be to be a completely mutual agreement where all parties understand all the details and implications. It will probably never happen so it makes way more sense to make data harvesting and selling of user data illegal.
On the contrary, given that people very clearly do want free access to very costly services, I think the most important thing that can be done is mandating transparency and some level of consumer control over data. Laws like the GDPR are a massive step in the right direction.