Palantir is not the only threat, Paragon is equally nasty. Any company with a mission to enable fascism or supremacism is a problem. Palantir is very open about what they strive to do. I have no doubt their tech is mediocre, but their motive is as malicious as it gets.
Of course they're threats. In the exact same way that companies such as AWS/Amazon and Meta, their motive isn't any different. If you think Bezos and Zuckerberg are even a sliver more ethical than Palantir execs I've got some bad news for you.