A few random thoughts on this:
Influencing people by having instant recall is a classic sales trick. Old school sales people wrote notes in their Rolodex to remember spouse's names, birthdays etc,. Today, Salesforce, Zoho, and the like (hell, even linkedin) handle this role. However, as soon as you realize that the sales person remembered something using a CRM rather than actually remembering it, that interaction quickly becomes awkward. In the past, sales techniques like these weren't well known outside of sales circles. Nowadays, everyone knows about them and they're less effective. The value in the technique is that people weren't aware it was being used and mistook the sales person remember personal details as actual friendship, rather than just a sales trick. Same will happen with timelines - we'll quickly sort those who use it as a gimmick and those who are sincere.
Another angle is the fitbit/life tracking. You know who obsessively tracks everything they do in hopes of improving themselves? People who obsessively track everything in hopes of improving themselves. The rest of us don't. Those people will always be around and will use these tools, the rest of us won't.
More importantly on the personal side of things: anyone who's accumulated a lifetime's worth of photos knows you never really go back an look at them in an detail. Sure, once in a while you'll reminisce, but you never do the detailed analysis of your past that these data hoarding stories predict. Instead, you live your life in the present, learning from the past with an eye toward the future. A few million years of evolution has made our brains very good at that. Every attempt to document and catalog our lives externally has failed to really live up to what our brain already does (hint: we likely don't have perfect recall for evolutionarily important reasons).
From the corporate side, data will be tracked as long as it can be traced back to profits. Right now, most of the profits are going to companies selling big data analysis services. It's only a matter of time before their customers move on to the next marketing trend.
trl;dr: live in the present and stop trying to cheat nature. :)
ps: yes, the government collecting all this data is scary as hell. Voting can help fix that (at least in America - it'll take a few elections, but it's possible).