I really don't see how you find that arrogant at all. I'm simply sick of hearing people moan about how their privacy is SO important, and how some billion dollar company knowing their physical location is somehow going to change ANYTHING.
The truth is, we aren't important. The data of each individual person means NOTHING, therefore, nothing will harm you specifically. The data is only valuable in bulk, for marketing purposes. It's not there so Facebook can send some government agent into the bar you're at to make sure you're not slipping something in a chicks drink, it's just not like that. Facebook is NEVER going to care about where any ONE specific person is at any time, ever, end of story.
That's not arrogant, that's just how it is. I'm 1000x more annoyed with leaving a comment on a Wordpress blog and having an increase in spam emails due to that. I doubt facebook is going to start sending advertisers to my physical location to bug me about buying something. Look at the situation realistically, it's not that complicated.