Privacy advocates got access to Locate X, a phone tracking tool which multiple U.S. agencies have bought access to, and showed me and other journalists exactly what it was capable of. Tracking a phone from one state to another to an abortion clinic. Multiple places of worship. A school. Following a likely juror to a residence. And all of this tracking is possible without a warrant, and instead just a few clicks of a mouse.
I don’t think this would be technically useful to prevent exploitation of location data. The handset always has to identify to a tower using the SIM card, which is going to identify the phone and its user. Your cellular service provider can still sell this information to data brokers.
With that said, I would love the option to lie about my location to apps that have no business knowing it.