In my opinion this is the entire selling point/core value of Augmented Reality and is why it's been a pursuit of mine since 2006 or so.
And for clarity, it's the world facing camera that is the most critical part of AR, in my opinion, not what is displayed to the user. The display simply gives me most compelling reason to the user to adopt the technology. The reason for this is because a world facing camera system is a tractable tangible thing that we can build and actually deploy today. The current state of object detection with CV, and the other long tail analysis you can do with it, allows us to get really really good at making inferences of world and user state, based on detected objects (+ some telemetry).
So today, you can get really close to a high resolution log, from strapping a camera on your head and building an object detection pipeline. The challenge here though is of course what you all expect, privacy, monetization, influence, control etc... The world where everyone is logging everything about themselves, which means they would also be logging their interactions with others, is the no-privacy world that everyone is terrified of.
You can't create Laplace's Demon and also preserve the virtues of privacy.