collected, how it will be used, and the types of third parties to which it will be disclosed.

Of course, no one reads those privacy policies, but if they were to do so, they could make an informed choice for themselves whether they think the benefit they are getting from the website/service is better than the "cost" to them of letting that company collect, use, and disclose their data in the manner described in the privacy policy. I'm not sure what else you would propose doing. Informing consumers and allowing them to make the decision is the best approach, but, of course, most consumers don't really care and never read the privacy policies.

I haven't followed the Cambridge Analytica thing too closely, but my understanding is that it is a case of data being shared within the bounds of Facebook's privacy policy, but then it was further shared (without Facebook's knowledge or consent) to Cambridge Analytica. I don't believe Facebook benefited from Cambrige Analytica getting a hold of that data, financially or otherwise (but I could be wrong there). It seems like more of a case of data governance issue and not making sure trusted partners with whom you share data don't further disclose it other third parties without your permission, than a case of Facebook trying to make as much money of its users' data as possible. My understanding could be wrong, as I haven't followed it closely other than to read the headlines.