I don't get overexcited by this. It is just observing stuff in a public place. We don't get upset by policemen looking at the faces of all passers by, when searching for a miscreant. If you want to use the cellphone system you are going to broadcast and anybody, good or bad, can pick up your transmissions. It is a downside of a technology we didn't have thirty years ago, and a technology with a lot of advantages.You similarly "broadcast" your car's registration number all the time.
My problem, so far as it goes, is with the various authorities secrecy about it. I think the police should be "keeping an eye" on the neighbourhood - and they should be open about it. If what they are doing it, they should be open about it. If it needs to be hidden, they shouldn't be doing it - in broad principle, if not the details. The police should not have dirty secrets (applies less to counter-intelligence agencies). If they are ashamed of this program, they should not be doing it. If they are not ashamed, tell us what it does.