Steemd does not show which profiles I look at or what I search into the Steem search bar. It tracks onchain actions. Most "privacy" is in those off-chain actions. When Steem gets really big, it will become its own search engine with tons of markets built on top. Those markets will want to know your interest, and if you tell them what you like and they pay you, everyone wins.
And to be fair, anyone can already do this with Facebook, if someone wanted to hack all your "private" messages, they can. Yet, Facebook still makes billions each year; it is because businesses don't want to have to dig your data up, for every human alive. They want it to spoon-fed to them as Facebook does. There will be pro data trackers on Steem that aggregates data and sells it to businesses with everyone getting a cut, including the user.