As an obvious (and not all that impossible) example, consider a Bluetooth device owning person who is, in fact, physically isolated. No amount of "privacy preserving" anything will fix the issue if they know they've only been within range of 2 other people in the last .
The paranoid user would want to change their disclosure settings upon entering the domain of this isolated individual, since they can be sure they would be able to identified.
Sadly, not all users will know who was and who was not isolated, so the notion of privacy is simply impossible as far as I can tell. You are weighing the social good vs the potential personal harm based on your unique environment. Nothing fundamentally changes this.