It's one of those new things that brings a mixed bag of new tricks. The purpose of personal live location reporting here is for minimizing the time it takes to find a lost or injured rider. It only reports a rider's last location and time. That's only for the duration of a ride, there's no location updates at other times.
Most people do seem to prefer restricting their live location reports to those close to them. It makes sense to share your location only with those who would first notice your absence in case of an accident, they can pass it to others when the need arises. I assume that's how most riders would approach using a live location reporting system.