Paranoid? Is there not enough evidence posted almost daily on HN that tech companies are constantly spying on their users through computers, Internet-of-Shit devices, phones, cars and even washing machines? You might not care about the brainwave data specifically, but there is bound to be information on your devices that you expect remains private.
Things have become so bad that I now refuse to use computers that don't run a DIY Linux distro like Arch that allows users to decide what goes into their system. My phone runs GrapheneOS because Google and Apple can't be trusted. I self host email and other "cloud" services for the same reason.
It’s kinda like “qualified investors” - you want to make sure people who are wiling to do something extremely stupid can afford it and acknowledge their stupidity.
We don’t need regulation to protect those that can afford to buy protection: we need it for those who can’t.