Data collection is nothing new, they know exactly what you have and how many times you have accessed the specific application or file on your iPad.
This is how they know, how many pilots read Safety publications, how you manage your apps, etc. Entire profile is under General - Dev. Mgmt. (MDM Profile). If you want to get deeper, you can download your profile and edit it in Apple Xcode or any Swift editor. Or you can briefly look through all profiles within (textual description)
Data collection is a tool used by company to compile CQDL and training.

Yes, if you have a mishap and unfortunately a serious injury or loss of life; rest assure, your company iPad will be subject to review.
Guess what, during accident investigation all your personal electronic devices, you had with you at the time of accident, will be subpoena by NTSB lawyers, including your cell phone, and cell phone records, credit card info going back minimum 3 weeks, surveillance footage from hotels and airports, etc.
So, Mr. LCA "I have my own devices"; next time you talk to your Asian or South American girlfriend while taxing or with a door close and beacon on, or checking how's your commute flight doing, or texting your boyfriend, or downloading Russian XXX clips in the overnight hotel, just think about it for a second. Does it make a difference that I use my own PED at work?
Lawyers will do their best to demonstrate your state of mind and intent, they will fry you, and who knows; depends on the content of your PED, governemnt may even fry you on additional charges.
Before you ask; YES, I participated in a trial, and it wasn't pleasant for the party involved. LOL insurance did not apply in that case.