That data would absolutely be used to harm you eventually. It'd likely haunt you for the rest of your life.

The most innocent use of that data would result in you getting endless spam from the manufacturers of every item in your home letting you know about the latest model you should upgrade to, along with spam from every competitor telling you why their product should replace what you have. Companies you've never even heard of would suggest you buy their stuff just because you happen to have something in your home that is somewhat similar to something they offer.

Maybe the IRS gets their hands on that data and starts wondering how it is you've managed to afford what you have? Maybe you divorce and your ex's attorney uses that data against you because you forgot to list an asset or to demonstrate that you should have to pay more in alimony, or to paint you as being less fit for custody of your children. Maybe you have something in your home that matches something that was used in a crime and you become a suspect when you wouldn't have otherwise.

Maybe you have things in your home that others would find offensive and activists and extremists target you because of something you have. Scammers and thieves will use that data to target you more effectively. Physiological profiles will be updated based on what you own and how well you maintain your possessions. How sentimental are you? How much do brands and trends matter to you? What do your items say about your values? Those insights will be used by people looking to manipulate you and your views.

It could impact the prices you pay when you buy things, factor into whether or not you get employed at a job you want, and it wouldn't just be happening to you either, but to everyone else in your household including your children.

There's basically zero chance of that data helping you in any way and lots of ways it could end up being used against you without you even being aware of the cause. Your health insurance company isn't going to tell you that they raised your rates because the sporting equipment you kept in your garage made it look to an algorithm like you're more likely to get injured. You just see the higher bill. Everyone who gets their hands on that data will try to use in any and every way that they can to benefit themselves and that will usually be at your expense.

Yes absolutely. By the loss of the founding principles and freedoms of your country using technology as an end run.

I don't think I'm alone in viewing it as theft of your personal data.