That's defeatist, although certainly what they'd like. The world is not the US.

Even if NSA captured and logged all internet traffic, they'd still only get a fraction of the information within without breaking all the encryption.

And even if they could break the crypto, the ability would only have any power if/when they acted on it. Which in turns reveals the capability to both normal people and other nation states.

The limitations aren't laws, it's the practical consequences.

Of course, having laws with actual teeth helps.