They are doing this because they care about you. And totally not because hoarding the data wasn't profitable enough anymore. It's only logical when you think about the fact that they were, up until now, going out of their way to save every GPS coordinate you ever visited with your phone in your pocket. It's all for you and because they care about you very much.
They probably realized it's not profitable because 90% of a user's visits are home, work, store... wash rinse repeat day in and day out. They can probably get more meaningful data from the person through their other various tracking methods.
That’s a bingo. What you buy at the store is way more valuable than “Ring went to Kroger, again.” So let’s buy a coupon clip app and get your info that way.