Re: They missed one or two things....
"They can't monetize or target those of us who have gathered round the water cooler or pub table and talk cars, clothing, music, food, etc. "
Ah, but they soon will be able to. Your next (* or the one after ... it's only a matter of time) mobile phone contract will have smallprint to allow the operator to leave your device in listening mode all the time. The sound will be converted to text where possible and tagged with your phone number. (Actual speaker identification will come later, once technology improves still further. For now, it is just "you or one of your friends".) All that semi-anonymous speech gets poured into a big data mine run by the phone company, gets correlated with the speech sent by other phones, and sold to brand owners who want to know what "people" are saying about their latest gizmo.
Or you can pay extra for a contract that doesn't include that option. But most people won't and you won't be able to trust that the person you are standing next to isn't one of the sheep. And because it's all automated and semi-anonymous, it doesn't count as snooping. (The NSA said so.)