I know this isn't what you meant, but I can't help but laugh at the thought of a parent consenting: "I consent to the mishandling of my child's data"
As to your actual point, yes, I assume they are trying to reduce liability, especially if they're gearing up to an IPO.
But for the life of me I'll never understand why people extend this very human idea to faceless for-profit companies that time and time make it evident only one thing matters to them, money. If it can make them more money, they'll do it that way.