The health data the Watch collects is sent only to the users phone. From there other apps can request access to parts of it, but the user has to explicitly grant permission to allow it - and they would first have to install an app that could even ask...
So tell me again how it's a data collection initiative when there are so few ways to collect the data it collects?
Maybe, just maybe, some of the fitness tracking stuff the Apple watch does is useful enough to people that it encourages healthier living. Maybe, just maybe, being told to stand every hour and stretch has long term benefits.
But no, lets discount all of that and go for the Slashdot Paranoid Delusion #75757, Standard Evil Corporate Overlord wants to know my average run pace.