Well, I doubt they'll reject clients based on the use they intend to give to their product, but I can't really fault them for that. It seems like a legitimate business. Hardly unethical.
Perhaps we could imagine better privacy laws. The fact that something is legal, and a legitimate business, doesn't mean that it's good or should be allowed.
Most (all?) of their examples in the FAQ are related to corporate drivers, not individuals. Something like Uber would be a bit of a gray area since you use your own vehicle, but all the others are more like DHL and FedEx, where you're driving a company-provided vehicle and there should be no expectation of privacy in regards to how you operate that vehicle.
Those are the examples given, but that wouldn't explain the huge numbers claimed elsewhere - nearly a quarter of phones in the US. Pardon me for not assuming that a data gathering corporation has my best interests at heart.
"Hardware companies"
Does that mean bundled by carriers and crappy Android phones? Lovely.