If the insurance company wants the data, they would just mail them out honestly, offer a discount for people who use it, then raise rates across the board by the same amount as the discount. The vast majority of customers will be using it, and the average is all they care about.
This product is about selling a false sense of control to parents, which is exactly what it is supposed to be. No conspiracy needed.
The problem with insurance companies doing that is that they get the data on their customers only. Yes, that's useful for them and lots of them do that but it does not tell them anything about their new customer or customers they want to target. Third parties going after young drivers habits will allow insurance companies to target the drivers they want while having advanced warning about potentially costly customers before they get their first quote. While that's not necessarily a bad thing, it does make the point of insurance less and less meaningful (ie: distribute the costs of accidents/liability over a large base so lives aren't ruined due to lack of money). It's a path that leads to people's options being limited due to their inability to pay high premiums.
It's already occurring due to historical data that showed that men under 25 were the most dangerous drivers, where I live that data lead to ~$900-1200/year initial premiums for young women and $2,500-3500 initial premiums for young men. It can be a serious impediment when your cost of employment for any job requiring a car (either on the job or just to get there) is 4 times hire than someone else with the same driving history as yourself. The sad part is, where I live anyway, the data that all that was based on was from a generation that grew up with drinking and driving, very little driver education, significantly lower safety standards, etc. Looking at only data from the 2000s onward, men under 25 were among the safest drivers on the road and paying among the highest premiums.
What's really wrong though is the deceptive way they go about getting the data - making it seem like you won't sell the data without explicit permission then burying that explicit permission in another language/document. It's deplorable not conspiratorial.