On the one hand, privacy policies are supposed to be disclosure documents for the average end user. In other words, privacy policies are supposed to be simple, readable notices that are used by any entity that processes personal data to tell their users basic stuff, like what data they collect, how they use that data, whether they transfer that data to any third parties, etc. In addition, privacy policies are the main mechanism for entities to obtain consent from end users to process their data, even if that consent is often implicit.
On the other hand, regulators around the world, with good intentions, continually call for longer and longer privacy policies (not in those words, of course), by demanding that X, Y, and Z be disclosed. Whether Johnny cares about X, Y, and Z is irrelevant. Companies have to disclose X, Y, and Z, or they'll risk regulatory sanctions. Johnny probably couldn't understand X, Y, and Z anyway, and X, Y, and Z are probably privacy-legal terms of art. HIPPA is a famous example of legally-required privacy notices that Johnny can't read.