This is just untrue. In the absence of more specific data, companies with risk-based pricing will price at a rough median within whatever ranges they can establish so that everyone pays the same while still being somewhat profitable for the insurer. They were doing this for hundreds of years before Facebook came along.
More data allows price discrimination so that some people pay more than others, which we tend to think of as good when its based on things like age in life insurance, but which we tend to think of as bad when its based on things like race in life insurance. These companies have repeatedly shown they are unable to self-limit themselves to only considering things we think of as good, and price discrimination is almost never beneficial for consumers in practice, so its worth having a conversation about whether they should be able to consider data like that at all.
More data allows price discrimination so that some people pay more than others, which we tend to think of as good when its based on things like age in life insurance, but which we tend to think of as bad when its based on things like race in life insurance. These companies have repeatedly shown they are unable to self-limit themselves to only considering things we think of as good, and price discrimination is almost never beneficial for consumers in practice, so its worth having a conversation about whether they should be able to consider data like that at all.