I think that’s a bit reductive. The health tech industry as a whole fits this bill — do you question if startups in that sector have a real purpose? There are loads of green engineering teams that have to figure out how to comply with really tricky data handling regulations.
I'm saying that if that is your business, then don't move fast and break things. Health sector isn't going anywhere. It's not a first to market kind of situation. Take your job seriously and secure your data.
If you're some other startup that doesn't actually need PII, but realize it is a fast way to make money, then you should really soul search to ask if you're as amoral as you look to others and if you're okay with that. If not, make a better product that doesn't mean selling your soul to make a buck.