This is the difference between the government needing a search warrant and having to come to your house, and them needing a search warrant but a law enforcement officer already living in your house. Sure, they still "need a warrant", but that doesn't make the situation acceptable.
Do you think private unregulated businesses (CashApp, Venmo, etc.) that this is trying to replace are any better? These companies just sell your transaction data to the highest bidder, no warrant needed.
But these companies don't have a legal monopoly on force. It's in my best interest, if I have to deal with both these problems, to keep them separated.