Without a full log of everything, it cannot give context-aware advice tailored to you (i.e. useful advice). It'd be like relying on the advice of a random person on the street instead of someone who knows you.
I don't mean infinite context. I mean context like a human would have, about the current conversation. Ie it just records everything in a streaming fashion, but deletes N old entries.
I have IP cameras on a private network but i don't infinitely record them either. It's just not of much practical use in the raw form.
Now if i want to have it take some concise, daily notes? I might choose to keep those forever. But the police can steal my daily journal too. I don't see how that's any different.