It's not that different from credit score systems you get in other countries, except that it's opt-in and on your phone. When you go to the bank to get a loan, they look up your credit score. This happens in the UK, and probably most other democratic capitalist countries too.

That Sesame credit system is creepy for the same reasons that a credit score is creepy. But if you get rid of credit scores, then banks and insurance companies will find it much harder to make loans and policies for people, and you suffer if you're a "low-risk" candidate but they have no way to tell. In that case you'll end up with the guys who know that they are low-risk voluntarily signing up for schemes to prove that they are low-risk.