Indeed its a complex topic and great reply @lordrazor
On one hand you want to extend the internet to every possible device and get that information to a common staging area where any application can leverage other services to built helpful tools. On other hand, who is having access to the sensors in my kid´s room?
Encryption is a way to start, for example, AWS already does this on the MQTT socket established between a Gateway and their cloud but data governance is nowhere near to be found in most discussion.
I´ll try to expand on a post about this, but definitely its a tough dilemma being a developer on this space.