Earlier quoted context omitted.
Companies feel the need to sell our data because they are offered tons of money for it by other companies such as Geofeedia. I agree that the blame does not rest on Geofeedia alone, but they aren't innocent either. I don't know a good solution to this issue other than making it illegal to buy or sell information about users of public corporations' products.
The bigger issue is "why is it that companies can make more money selling personal data about consumers than selling products to consumers?" If companies had a viable business model that involved ordinary consumers paying money for services rendered, then their responsibility would be to the people paying them money, i.e. the consumer. This is a really complicated question, and probably results from a combination of:…
"3.) Consumers having a poor understanding of the long-term consequences of putting data out there, and what it can be used for"
This is so true and unfortunately there are few resources for helping people understand the implication and consequences. I think at the very least we should be educating young people, perhaps in school.
There's a decent documentary that came out a few years ago called "Terms and Conditions May Apply", its an independent release and so lacks some polish in places but I think its worth a watch: