What am I missing?
People are stupid/lazy/cheap. Unfortunately the current state of the art means that using encryption requires the user to be knowledgeable, to think, and to act.
Also remember encryption is only part of the story. Even the metadata tells someone a tremendous amount about you - encrypting your phone conversation so that the NSA can't hear
you ask mom "how many kilos of C4 was I supposed to pick up?" doesn't help your security all that much if they can use the metadata to know that you placed the call from Achmed's Bomb Shop.
Is that really true? How long did it take for you to set up the SLL in your browser? Did that setup process really cause your laziness to stop you from using SSL? I am joking here, of course. With asymmetric encryption, all the transmission station needs to do is to randomly select two really large prime numbers, multiply them, and publish that as the public key. Now anything sent to that station encrypted correctly with that public key can only be decrypted with the private key. I simplify, of course, but the basis of asymmetric public key encryption actually lends itself to very simple implementation. And I understand what you mean about the other types of data that can be connected, in fact this seems to be the data actually being collected the most. But still, if phone and email transmissions were as easy to encrypt as your browser session to Bank of America, AND IT IS!, then why not?