I trust them to run the compiled binary code they provide, why wouldn't I trust them to do the right thing with telemetry to actually improve the experience?

You can literally see the metrics schema and what is being collected, it's not some proprietary sneak on your system secretly phoning home. If it gives them actual information on problems, allows them to correlate issues with environment, cause and effect, UX heatmaps to improve common actions, why wouldn't I want that?

I can be privacy-minded, but also not have the binary black and white opinion that all telemetry is bad and evil. I've almost never reported bugs directly to a distro, it's just not something I have the time or patience for. But in the absence of that as my contribution, my telemetry is likely to help at least paint a picture for developers on where to start with fixing issues, and I think that's just fine.

Plus, I can just opt out at any time. And I have zero issues trusting Fedora that when I say "opt out" it will actually opt out and not try to do some funny business.