This update doesn't address the ethical and legal concerns for European Union users.
TheApart from other aspects, the claim that an arbitration was already in place is disingenuous:
We already have an arbitration-like process in place as a Privacy Shield certified company; this is an expansion of that policy that has been in place for a little over two years (well, since Safe Harbor was replaced by Privacy Shield). Privacy Shield is an ADR, like JAMS.
Privacy Shield was just a quick workaround to avoid respecting a judgement of the European Union Court of Justice and will be almost certainly invalidated, so anything based on it is not worth the paper or bits it's written on.