I'd say the real issue is that they have all this information sitting there like a weapon, which they can utilize to destroy basically anyone.
Search histories, conversations, if you've ever had any skeletons ever in your closet, don't bother running for office, don't bother protesting a government action you disagree with, as soon as you become a recognizable face to the body politic, they could unload everything you've ever done online against you to destroy you, your credibility, everything.
This may not be a problem right this second, but think about in twenty years when people who have grown up entirely with the internet have every single major action they've ever taken documented in their lives. Now suddenly mistakes you made at 15 and 20 are coming back and possibly destroying your career, your life, whatever.
Its a bit of a slippery slope argument, which I'm not a fan of generally, but the potential for abuse is so great, that is what should be so concerning, not necessarily that at this very moment the program is being abused.