IoT can enhance people's lives a lot and make them more convenient. They are used in the military, economy, infrastructures, etc. Also, the IoT devices can make more job opportunities for people since companies need engineers. Therefore, I think that IoT outweighs the harms of decreased privacy in people's lives.
According to the Us Department of Commerce, it is not safe. The fact that people use these devices so much makes the devices unsafe to use, because hackers can come in and order free food from you on LG or Samsung refrigerator. This is why Iot Does not support privacy.