It should be the other way. There should be a law saying that a company must meet some hurdle to store personal information for a long period of time. At least disclose it publicly. It's so ironic that the EU cares about websites disclosing that they store cookies, but not that they store conversations indefinitely.

The law would put a chilling effect on storing personal information indefinitely. But, like carbon emissions, it will only slow the progress towards a future where all the carbon is released from the ground / all the data is stored and analyzed by AI years from now.