Earlier quoted context omitted.
Even though the technique doesn't require collecting all of the data, Apple still does collect a huge well of data. They store all iCloud sync material (backups, photos, contacts, calendars, mail, documents, etc.) without end to end encryption, and have all of the iMessage metadata.
This is so wrong. The only thing that isn't user-encrypted so far is the iPhone backup on their server (Of course it is encrypted but Apple have the key to decrypt it as needed). The official explanation so far is that if the user forgot the password a user-encrypted backup would just become some useless junk. This is (officially) the sole remaining non user-encrypted personal data on apple server that authority can…
https://support.apple.com/en-us/HT202303
Take note of what the wording leaves out. Apple holds the decryption keys for just about everything.
> iCloud Keychain encryption keys are created on your devices, and Apple can't access those keys. Only encrypted keychain data passes through Apple's servers, and Apple can't access any of the key material that could be used to decrypt that data
This wording is used for nothing else than the keychain.
Fully consistent with the behavior where disconnecting all your devices from your account, to then do a password reset and logging in on a new one device will make all your data available to you again in plaintext format. Including iCloud backups of iMessage chats.