I'll manage it for you. Just send me an email with a photo copy of your identifying information and I'll add it to a digital wallet I'm working on for you. You've got nothing to worry about, right?
Why would I want you to manage it? Are you making a phone I want to buy?
Just because I'm happy with some corporations having a scan of my driver's license doesn't mean I'm happy with anybody having it.
Are you already storing the details of millions of others, and mine is nothing special? Are you a publicly traded corporation accountable to shareholders? Are you a nation-state with procedures around all these things? Or are you a criminal trying to sign up for credit cards in my name?
Your supposed equivalence isn't an equivalence at all.
If you're concerned about the government getting your data, your own country can subpoena a company within its borders and get your info.
It's a lot harder to get your private data from a company outside of a country's borders.